Bitcoin’s market share marginally declines, while altcoins rise

  • May 2, 2024
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While the crypto market dip has stabilized and hasn’t seen further corrections, Bitcoin’s market share has decreased, and altcoins have gained momentum, leading to a recovery.

The crypto market correction of May 1 may have led to panic sell-offs among traders, but long-term investors have held their holdings. Moreover, Bitcoin did not go below $56,000, with the level likely becoming its new support. However, Bitcoin’s market share in the crypto market has minimally decreased.

According to data, BTC’s dominance is ranging around 53% from a high of over 56% in April 2024. From a year-to-date perspective, it is up by 4.57%. If Bitcoin’s key support level sustains over the next few days, its dominance may improve.

Meanwhile, altcoins in the crypto market went through a recovery. ETH rose by over 2%, whereas SOL raced ahead by 9%. XRP, DOGE, AVAX, SHIB, and ADA were also in the green. After the recent dip, traders and investors may have sensed a buying opportunity in these altcoins. 

Once BTC crosses $60,000, it may have to breach its 20-day moving average to regain the bullish sentiments. BTC’s 100-day moving average is at 55,082, and the token may not go below this mark in the near future. 

On a macroeconomic level, the US Federal Reserve has not changed interest rates amidst high inflation. Once this trend reverses, the crypto market could benefit.

BTC/USD 1D price chart

Bitcoin is currently trading at around $57,600 on May 2, 2024, with BTC/USD trading higher by a margin of 1.2% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.14 trillion in the last 24 hours.

BTC/USD is trading below its 20-day EMA (64,707.20), as BTC’s 24-hour volume was at around $42 billion. The global crypto market cap increased by around 2.05%, trading above $2.17 trillion. BTC’s year-to-date returns are at 37.45%.

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