Crypto Market Gains Retrace As Ethereum Merge Draws Closer
August 18 2022 - 7:00PM
NEWSBTC
Crypto market sentiment had been turning more positive in the month
of August, and this had seen the digital assets in the space return
double-digit growth in the first week of the month. However, the
market has been unable to hold its bullish trend properly, and
cryptocurrencies are beginning to shed the gains that they had put
on in the first week. While the assets remain largely at positive
levels, the gains for last week are noticeably less than the
previous week. Weekly Gains Drop Across The Board The weekly gains
across the crypto market have been down for the last week. The
Small Cap Index still remains the apparent winner through the week,
as is expected during such recoveries. But it was in no way close
to the gains that were recorded for the prior week. Related
Reading: Flippening Forewarning? Ether Options Overtake Bitcoin As
The Top Crypto To Trade Small Cap altcoins came out on top with 8%
gains for last week. This put it 2% ahead of the Mid and Large Cap
Index and 5% better than Bitcoin’s performance. However, it should
be taken into account that small cap altcoins possess more
volatility compared to the other indexes. Hence the large swings in
gains and losses. The Large Cap Index made a surprising move last
week by rivaling the returns of the Mid Cap Index. Usually, in
cases like these, the Mid Cap tends to outperform alongside the
Small Cap, but last week saw it return 6% gains, the same as the
Large Cap Index. Bitcoin was the worst performer of the bunch once
more. It saw only 3% gains, maintaining a noticeable distance from
the rest of the indexes. Bitcoin Sees Crypto Market Dominance
Decline Bitcoin has been seeing its crypto market dominance decline
over the last two years. With the entrance of popular
cryptocurrencies such as Ethereum, the leading asset has had to
give up more market share to make room for others. But even with so
much market share already taken from the pioneer cryptocurrency,
altcoins continue to dig their heels in. Related Reading: Bitcoin
And Ethereum Retrace Before Crypto Sentiment Could Reach “Greed”
Last week, bitcoin recorded another decline in its market
dominance. The 0.42% taken over by altcoins has now dragged
bitcoin’s dominance down to the 40% territory. Meanwhile, Ethereum
is seeing a growing market share. The altcoin added 0.89% last
week, bringing its market dominance above 20% to 20.74% at the time
of this writing. Stablecoins are also losing market share as
investors begin to take more risks. USDT, USDC, and BUSD all saw
declines of 0.03%, 0.17%, and 0.03% respectively. Surprisingly,
Dogecoin added 0.15% to its market dominance, while Solana saw a
0.01% addition. The decline has seen more than $50 billion wiped
off the crypto market cap, bringing it to $1.10 trillion at the
time of writing. Featured image from Analytics Insight, chart from
TradingView.com Follow Best Owie on Twitter for market insights,
updates, and the occasional funny tweet…
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024