Bitcoin price stabilizes as altcoins take the lead
Despite its recent cooldown, BTC is still exhibiting biweekly gains of over 8%.
- For a brief period, the total volume on Ether futures flipped that of Bitcoin’s
- BTC has been exhibiting an increasing amount of stability in recent weeks
- Bitcoin’s dominance ratio currently stands at just 42%
Over the last week, Bitcoin has continued to hover between a price range of $53,000-$59,000, exhibiting an increasing amount of monetary stability. At press time, the flagship crypto is trading at $57,342.
Providing his thoughts on Bitcoin and the industry as a whole, Adrian Przelozny, CEO and cofounder of cryptocurrency exchange Independent Reserve, suggested that Bitcoin is the “people’s money” and that any discussion pertaining to crypto — be it BTC, ETH or altcoins in general — is good for the ecosystem as a whole, adding:
“It’s great to see cryptocurrencies being discussed in popular forums. Musk has helped raise mainstream awareness for crypto and his advocacy will be an onramp for many people who are new to the space. His company, Tesla, has also done a lot to normalize institutional adoption of crypto.”
Earlier this year, Tesla added a cool $1.5 billion worth of bitcoin to its balance sheets, even allowing customers to make payments using crypto. Other major players such as Square, Michael Saylor led Microstrategy and Wall Street investors like Stanley Druckenmiller have also bought substantial sums of BTC in recent months.
Is Bitcoin’s market clout diminishing?
The total volume on Ether futures open interest recently exceeded that of Bitcoin’s after hitting a new record of $10 billion, albeit briefly. Over the last 30 days, Ether’s price has largely decoupled from BTC, posting independent gains of over 65%.
Additionally, BTC’s market dominance index — which calculates Bitcoin’s market share among proof of work coins — has also continued to slide since the start of 2021. In January, for example, BTC’s dominance stood at 70%. But at press time, this value is currently hovering at 42%.
Disclosure: The author owns a range of cryptocurrencies at the time of writing