CryptoWhistle - Crypto Currency Tracker logo CryptoWhistle - Crypto Currency Tracker logo
NewsBTC 2021-07-20 22:00:09

After 3 Months In The Red, Why Bitcoin Is The Crypto Market’s Best Performer

Bitcoin broke below its support zones and trades around its yearly open after another massive selloff. At the time of writing, the first cryptocurrency by market cap trades at $29,605 with an 11.2% loss in the weekly chart. The crypto market has followed Bitcoin, except for a handful of coins, and the top ten sit on more pronounced losses. For three consecutive months, BTC and major cryptocurrencies have been in the red. May and June saw two capitulation events that pushed BTC’s price below its current levels. Hence why so many investors and traders expect further downside to consolidating a third and possibly final capitulation. The weeks leading to the most recent crash saw Ethereum (ETH) outperforming Bitcoin (BTC). The second cryptocurrency by market cap rose from around $1,600 to $2,390 before retracing to current levels. However, a recent report by Arcane Research concluded that BTC remains the best performer in the crypto market. In consequence, the BTC Dominance has increased as altcoins are pushed further down their support levels. As seen below, the Bitcoin Dominance stood at 46.92% by the time the report was published with ETH following with a 16.96%. USDT (5.12%), BNB (3.72%), ADA (2.86%) taking on XRP (2.05%) and DOGE (1.82%) positions. The chart shows that Bitcoin retraces around 11.2% since the beginning of July 2021. Cryptocurrencies with large market caps saw the less severe drops with only 18.5% closely...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.