Despite experiencing and a decline in value over the past day, the leading cryptocurrency has managed to hold its ground.
Bitcoin’s value drops below $98,000 as its dominance in the market increases.
At the time of this report, Bitcoin (BTC) is priced at $97,102, having moved within the range of $96,174.83 to $99,168.61 in the last 24 hours as per Coin Market Cap data. It is evident that the cryptocurrency is experiencing a downward trend, with a decrease of 0.94% in the past day and 8.33% over the previous week, mirroring the overall uncertainty in the market.
Although bitcoin’s value has recently experienced a decline, its market capitalization remains robust at $1.92 trillion, solidifying its position as the leading cryptocurrency. Bitcoin’s market share has jumped to 61%, as reported by Coin Market Cap, representing a 4.55% gain, indicating a trend of investors redirecting their funds from alternative cryptocurrencies to bitcoin.
Market Outlook and Forced Sell-Offs
Despite a modest 1.40% drop over the past day, the total value of outstanding bitcoin futures contracts remains significant, standing at $58.68 billion, as reported by Coinglass. Additionally, data shows that bitcoin positions were liquidated in the past 24 hours, with long positions accounting for $26.19 million and short positions accounting for $15.59 million, suggesting a cautious market outlook.
Decreased Trading Activity
According to Coin Market Cap, bitcoin’s trading activity has slowed significantly, with a 22% drop in volume to $46.34 billion over the past day, indicating a decrease in market participation. However, with bitcoin’s market share increasing and futures contracts remaining stable, traders continue to monitor crucial price levels as the cryptocurrency weathers this turbulent period.
