Major cryptocurrencies spurted briefly late on Monday evening buoyed by market optimism surrounding BlackRock’s BLK bid for a Bitcoin-based exchange-traded fund.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin BTC/USD | +1.75% | $26,900 |
| Ethereum ETH/USD | +0.48% | $1,734 |
| Dogecoin DOGE/USD | +0.66% | $0.062 |
What Happened: Bitcoin has once again crossed a significant milestone. The measure of its dominance over the total crypto market cap, known as “Bitcoin dominance,” has now breached the 50% mark.
According to data from TradingView, as of Monday, Bitcoin dominance had reached just above 50%. This indicates that Bitcoin accounts for half of the total $1.1 trillion dollar market capitalization of cryptocurrencies. To put that into perspective, Bitcoin’s current market capitalization stands at $519 billion, as per data from Coingecko.
Ethereum's market dominance has remained around the 20% mark for the past year. Together, the combined value of Bitcoin and Ether now accounts for roughly 70% of the entire crypto market.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Sui (SUI) | +10.94% | $0.79 |
| Stacks (STX) | +10.90% | $0.62 |
| Maker (MKR) | +4.88% | $710 |
At the time of writing, the global crypto market capitalization stood at $1.08 trillion, an increase of 1.21% over the last day.
U.S. Stock futures on Monday evening edged downwards as investors set their sights on a shorter week of trading ahead. S&P 500 futures saw a slight dip of 0.2%, while Nasdaq 100 futures experienced a 0.18% decline. Trading was closed on Monday in observance of the Juneteenth holiday.
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Analyst Notes: "Bitcoin ended last week quite positively after dropping to three-month lows on Wednesday but it continues to look vulnerable to further declines. The two-month trend is not in its favour and the news flow isn't exactly helping the situation either. It's had a remarkable year and remains more than 50% higher so it's hardly a dire situation" said Craig Erlam, Senior Market Analyst at OANDA.
He added, "And against that backdrop, recent losses are merely a corrective move in a more promising bull run. But there isn't much to suggest it's going to improve just yet, especially with the SEC going in hard on major exchanges."
Crypto analyst Michael Van de Poppe told Benzinga in an exclusive interview that he anticipates “a DeFi summer may be approaching and that old coins like XRP and Litecoin may gain momentum as a result.”
According to the pseudonymous analyst Credible Crypto, Bitcoin’s dip below $30,000 is not a cause for concern, but rather a necessary step in its upward momentum towards new annual highs.
"The situation with Bitcoin right now is like a kerosene-soaked rag in the middle of a forest filled with dead trees – all it will take is a single spark of demand (could be in the form of a number of positive fundamental catalysts – the reason behind the spark doesn't matter) to set that rag on fire. And once that rag is on fire, the move-up will start. Slowly at first, then all at once – just as a forest fire starts from a single spark and soon becomes an uncontrollable blaze, obliterating anything and anyone in its way," he adds.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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