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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

How Bitcoin Is Controlling The Ebb And Flow Of Crypto

Keshav Verma
Keshav Verma
1 year ago
3 mins read

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Latest data shows that so far in the year 2022, the rest of the crypto market has been moving in tandem with Bitcoin.

Crypto Indexes Follow Bitcoin In January So Far

As per the latest weekly report from Arcane Research, all the various indexes in the crypto market have mimicked BTC’s movements so far in the month of January.

The “crypto indexes” here refer to groups of cryptocurrencies separated into these divisions on the basis of market cap.

There are three main indexes, the “large cap index,” the “mid cap index,” and the “small cap index.” The below chart shows how these various groups have performed compared to Bitcoin in the year 2022 so far:

Bitcoin vs Crypto Indexes

Looks like monthly performance of the mid cap index has been the best so far | Source: The Arcane Research Weekly Update - Week 2

As you can see in the above graph, the various crypto indexes seem to be moving in tandem with Bitcoin in the year so far.

Related Reading | 70% Of Bitcoin Supply Is In Profit – Why Bulls Need To Defend This Level

BTC’s returns in January stand at double digits in the red at the moment, closely followed by the small cap index which also has 10% in losses.

The large cap has also traced Bitcoin quite closely as its losses stand at 8% right now. The reason for its slight overperformance against BTC has been due to the strength of DOGE, NEAR, and ADA.

While the mid cap index has also mimicked the moves made by BTC, its strength has been much more as its returns for the month are at just 2% in the red.

Related Reading | Bitcoin Supply Shock: Only 12% Of BTC Supply Is On Exchanges Now

The mid cap index has outperformed the rest of the market thanks to the strength of UNI and MATIC, two cryptos that account for about 20% of the total index.

Bitcoin’s dominance has once again dropped in the last week as its share of the total crypto market cap now floats below 40%.

The below table shows the percentage of the total market cap that the top coins occupy right now.

Bitcoin Market Cap

BTC's share of the market cap has taken a hit of 0.76% over the past week | Source: The Arcane Research Weekly Update - Week 2

Ethereum’s dominance has also dropped in the past week, while smaller altcoins have enjoyed a larger percentage of the market cap.

BTC Price

At the time of writing, Bitcoin’s price floats around $41.9k, down 2% in the last seven days. Over the past month, the crypto has dropped 10% in value.

The below chart shows the trend in the price of BTC over the last five days.

Bitcoin Price Chart

BTC's price has mostly moved sideways in the last few days | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Arcane Research
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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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