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Bitcoin is losing ground in the crypto market with a notable low

Bitcoin verliest terrein in crypto markt met opmerkelijk dieptepunt

Bitcoin (BTC) has recently lost against altcoins. Altcoins like Ethereum (ETH) are simply outperforming Bitcoin, and as a result, the king of cryptocurrencies is taking up a smaller and smaller market share. Bitcoin dominance has now reached a lower low for the first time in more than a year.

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Bitcoin Dominance Falls 4% in 20 Days

Bitcoin dominance has been on a strong upward trend since the beginning of the year. Over the past year, the focus of crypto investors has been primarily on Bitcoin, largely due to the possible launch of Bitcoin exchange funds or spot funds Exchange-traded funds (ETFs).

Since September last year, a positive trend has been evident, characterized by ever higher highs and lows. However, yesterday Bitcoin dominance hit a lower low for the first time in more than a year. Dominance fell below 51.71 percent, which corresponds to low was from mid-November.

Since then, dominance has fallen even further, to an all-time low of 51.11 percent. This is the lowest level since October 16th. Notably, Bitcoin dominance reached an annual high of 55.26 percent on December 6th.

Bitcoin dominance is calculated by dividing the Bitcoin market cap by the total crypto market cap. A decline in dominance means investors are putting more capital into other cryptocurrencies.

Bitcoin vs. Ethereum and other cryptocurrencies

Bitcoin dominance suffered a major blow today. The day started with a dominance of 51.74 percent but is now at 51.44 percent. As already mentioned, a low of 51.11 percent was reached.

While Bitcoin is “only” up 2.54 percent compared to 24 hours ago, several major altcoins saw a larger price jump. For example, Ethereum (ETH) rose 6.40 percent, Build ‘n Build (BNB) rose 5.59 percent, and Cardano (ADA) rose 6.81 percent.

The expected approval of several Bitcoin exchange funds is scheduled for early January. Most in crypto land are convinced by the positive feedback from the USA Securities and Exchange Commission (SEK). Perhaps this will bring Bitcoin back into the center of attention, which would of course benefit its dominance.

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