Crypto Market Dominance of Bitcoin Reaches 48%

Bitcoin’s crypto market dominance is on the rise amid a jump in its price. The most valuable digital currency now accounts for nearly 48% of the total market cap of digital currencies, which is its highest level in approximately five weeks.

According to the latest data posted by Coinmarketcap, Bitcoin is now up by nearly 30% in the last seven days. The world’s largest cryptocurrency is currently trading near $40,000 with a market cap of over $750 billion.

Bitcoin saw a substantial jump in its price this week due to a surge in retail demand. However, BTC’s institutional inflows have remained slow in the last few weeks.

Additionally, due to the latest Bitcoin rally, crypto whale activity increased sharply. Yesterday, three leading BTC whale accounts moved $1 billion worth of cryptocurrency from digital exchange Coinbase. Earlier this week, a prominent BTC wallet moved 9,500 coins.

This week, Bitcoin touched the high of approximately $40,800, which is its highest level in more than six weeks. BTC is still down by more than 40% from its all-time high of $64,200 in April 2021.

Network Activity of Bitcoin

Despite the reason that the overall activity across the Bitcoin network remained quiet in the last few days, the number of active addresses and BTC’s unique token circulation spiked substantially. “BTC’s amount of unique tokens being circulated has jumped to levels not seen since May. This is a big development considering BTC's stagnancy leading up to this week. This is one of our top leading price indicators that our community focuses on,” Santiment, a crypto Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Read this Term platform, mentioned on Twitter.

On Monday, the Bitcoin rally liquidated more than $1 billion worth of short crypto positions. According to the latest data published by a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term tracking firm, bybt.com, nearly $67 million worth of short crypto positions were liquidated in the last 24 hours. The number includes the liquidation of approximately $50 million worth of short BTC trading positions.