How Bitcoin ETFs Could Drive Mass Crypto Adoption
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2023-10-11Bitcoin Dominance Rises Amid Altcoin Sell-off
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Today’s Cryptocurrency Headline
The cryptocurrency landscape witnessed a significant shift as Bitcoin’s dominance amplified following a major altcoin sell-off. This development led to Ethereum and Binance Coin (BNB) recording new cycle lows against Bitcoin. Bitcoin’s market cap dominance now exceeds 51%, reflecting an increasing investor preference for the leading cryptocurrency over its smaller counterparts. This shift has further undermined the position of altcoins in the market.
BingX’s Bitcoin Chart
Source: TradingView & BingX
Bitcoin’s more speculative investor cohorts continue to come in for scrutiny this year as BTC price action experiences a variety of diverging environments. The spot price is currently circling the aggregate cost basis for so-called short-term holders (STHS), defined as entities hodling a given amount of BTC for 155 days or less. Now, CryptoQuant reveals that the realised capitalization, or cap, of coins that last moved between 24 hours and one month ago has collapsed in recent months. Realized cap refers to the combined value, in U.S. dollars, of a specific group of Bitcoin being used in transactions. Tracking the total value of the one-day to one-month (1D-1M) cohort can give insights into broader BTC price action, CryptoQuant says. The market will likely remain uncertain if these data don’t show significant and positive trends from now until the year’s end. The support level is at $27,000 and the resistance level is at $27,600.
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