Bitcoin has managed to stem further dramatic losses following last week’s crushing fall below US$26,000.
Having stabilised over the weekend, the BTC/USDT pair managed to find support at the 26k price point, though this offers little compensation for investors who have seen the world’s largest cryptocurrency fall more than 11% from this time last week.
At the time of writing, bitcoin was changing hands for a little more than US$26,100, with Binance’s order book pinning resistance at US$26,250.
Is 26k a newbase line for bitcoin? – Source: currency.com
Economic turmoil in China, low trading volumes and general risk-on anxieties in an inflationary economy have all weighed on the crypto markets recently.
Elon Musk’s SpaceX capitulating all of its bitcoin holdings has only added fuel to the fire.
Bitcoin dominance has also taken a turn for the worse, dropping to 49.16% from 50.5% a week earlier.
Seen as a metric for confidence in bitcoin as a digital asset, dominance compares its market capitalisation against the entire cryptocurrency market cap. Less than 50% can be taken as a sign of weakness for the benchmark cryptoasset.
As such, the Crypto Fear & Greed Index, which measures bitcoin’s dominance, volatility and volumes to get a gauge on bitcoin sentiment, remains firmly in the fear category
Ethereum (ETH), the world’s second-largest cryptocurrency, fell one percent in Monday’s trading session to close at US$1,667, where it remains after this morning’s Asia trading window.
However, ETH is faring better than BTC on a weekly basis, having dipped 9.5%.
Losses are mounting in the altcoin space, with Ripple (XRP) down 17% week on week, Dogecoin (DOGE) down 15%, Solana (SOL) down 15%, Binance’s BNB token down 12% and Litecoin (LTC) down 19%.
Global cryptocurrency market capitalisation currently stands at US$1.05 trillion, having dipped 0.2% overnight.
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