Bitcoin dominance dips to 52%
In the latest update, the value of Bitcoin has seen a downturn, even though there was a concerted attempt in the last session to close this reduction.
Concurrent with this decline in value, Bitcoin's lead in the crypto market has also seen a reduction. Additionally, with the descent in its price, there has been a noticeable uptick in Over the Counter (OTC) reserves.
Of late, Bitcoin's share of the crypto market has notably dwindled as it battles to uphold its valuation.
On June 24th, at the closure of the trading day, Bitcoin's market supremacy was beyond 54%.
Yet, by the close of the following day, June 25th, this figure had dipped to approximately 52.28%.
This swift drop within a day hinted that as Bitcoin was diminishing in value, certain alternative coins were faring relatively well and capturing more market stake.
As currently reported, Bitcoin's supremacy has seen a minor fall but remains in the vicinity of 53%.
This rate of dominance signifies that Bitcoin still represents more than half of the global cryptocurrency market cap.
At this moment, Bitcoin's market valuation exceeds $1.2 trillion, with the total crypto market cap standing around $2.27 trillion.
Ethereum follows as the second most dominant market force, constituting nearly 18% of the total market valuation.
The analysis illustrates that shifts in BTC's valuation and performance profoundly affect how the market capitalization is spread across the diverse cryptocurrencies.
Recent findings from CryptoQuant have observed a significant boost in the quantity of Bitcoin stored in Over the Counter (OTC) reserves.
In the span of six weeks, upwards of 103,000 BTC, worth more than $6 billion at the current market rates, were added to these reserves. This buildup points to a marked increase in the OTC reserve volumes.
This steady climb in OTC reserves insinuates a current paucity of purchasers, likely a result of the decline in Bitcoin’s market value.
This downturn in value might be hindering prospective buyers, contributing to the reservation of these resources.
The interplay between the reducing price and swelling OTC reserves underscores the cautious approach of major market players amid fluctuating prices.
