Bitcoin (BTC) bounced off an intraday low of $25,370 on Wednesday to ring the midnight bell at $25,759, down 0.1% from the previous day's closing price.
It marked the third straight day of small losses for the BTC/USDT pair and today’s performance in the Asia trading window suggests another could be on the way.
The pair remains effectively flat against yesterday’s close, swapping for $25,750 at the time of writing.
Bitcoin dominance appears to be on a downward trajectory, having fallen from as high as 50.7% in early August to 49.1% today.
Dominance measures bitcoin’s share of the total cryptocurrency market and acts as a gauge of bitcoin sentiment. The metric has been moving higher throughout 2023, but has since been on the decline, in tandem with a substantial fall in trading volumes.
Recent research carried out by Cathie Wood’s Ark Invest showed that the future market is also suffering from low trading volumes.
Futures open interest collapsed at a rate not seen since December 2021, noted Ark, though this was deemed “a healthy recalibration of general market sentiment”.
Ark also noted that bitcoin closed August at $25,932, 5.4% below its 200-week moving average, with a downside risk of $20,300, which is the market’s average bitcoin cost basis.
Looking at Ethereum (ETH), the world’s second-largest cryptocurrency by market cap saw a bout of volatility on Wednesday, hitting highs of $1,670 and lows of $1,609, before ultimately closing the day flat at $1,633.
Little has changed this morning, with the ETH/USDT pair inching higher to $1,635 throughout the Asia trading session.
Week on week, bitcoin is down 5.5% and ether is down 4.2%.
In the altcoin space, blue chips including BNB, Ripple (XRP), Cardano (ADA) and Dogecoin (DOGE) have all fallen in the low single digits on a week-on-week basis, while Toncoin (TON) has surged ahead, adding 9% to its market cap.
Global cryptocurrency market capitalisation currently stands at $1.04 trillion
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