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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Dominance Drops To 42% As Price Declines Below $43,000

Best Owie
Best Owie
1 year ago
3 mins read
Bitcoin

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Bitcoin has continued its descent towards $40,000 proving that the reversal was only temporary. While there is not enough to rule out another recovery, the current trend does point to more downside before the digital asset can find its footing and recover above $44K. This hard-fought resistance point that the cryptocurrency had managed to beat is becoming more and more elusive.

The decline is also apparent in the market dominance of the digital asset. Bitcoin which maintains a majority share of the crypto market continues to see fierce competition from other digital assets. As investors have moved towards altcoins for the gains, so have the market share gone with them.

Bitcoin Market Dominance Declines

Bitcoin had started out the year 2022 on a low note. It had been a hard month for the digital asset by that point and the effects from the December crash were still being felt across the market. Not only had the price of the digital asset taken a hit, but its market dominance had also suffered too, which saw it drop below 40% for the first tie in over six months.

Related Reading | Top 5 Watershed Moments In BTC On-Chain Analysis’ History. Is Your Favorite In?

It had quickly recovered after that but not by much. It had bounced up to a high of 43.46% at the beginning of the week following the market recovery. This would prove to be short-lived as altcoins once again mounted fierce competition. Networks like Ethereum and Solana lead the charge with a wide range of DeFi and NFT offerings.

Bitcoin’s dominance quickly dropped after that. Crashing from its peak of 43.46% to its current position at 42.51%.

Bitcoin dominance chart from TradingView.com

BTC dominance declines to 42% | Source: Market Cap BTC Dominance on TradingView.com

BTC still retains the majority dominance of the market despite this decline. The pioneer cryptocurrency is still a market leader and its movements on the charts are closely mirrored by altcoins in the space.

Losing Footing At $44K

Bitcoin at 44K is an important price point for the asset. It may not signal that the bull rally has returned but it does show significant movement towards the $45K-$46K mark that would mark another entrance into the bull market. Even though the asset had traded above 44K for the better part of yesterday, the early mornings of Thursday saw it lose $2,000 to crash to the low $42,000s.

Related Reading | How Fears Of A Possible Russian Invasion Of Ukraine Is Impacting Bitcoin

This has caused a decline in the strength of the digital asset given that it is now only trading above the 20-day moving average. With the value under the 50-day moving average, it signals a move of strength in favor of the bears.

A close below the 50-day SMA could see bitcoin decline above $40,000. While still a significant price point, there is not enough support for BTC below this point. The next support level lies at $42,027 with major resistance mounting at $44,767.

Featured image from MARCA, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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