Cryptocurrency

Bitcoin drops as its dominance of market slumps to 2-month low

2019-10-09 11:14:18 GMT (Economies.com)

Bitcoin fell in spot trading on Wednesday, to continue to fall for the second consecutive day, approaching giving up the $8,000 barrier again, due to low investment demand which is evident in the drop of Bitcoin's market dominance to 2-month low, as the largest cryptocurrency still in need of new catalyst to increase demand.

 

At Bitstamp, Bitcoin fell by 0.9% or $75 to $8,110, from the opening of $8,185, with a high of $8,212.  

 

Bitcoin fell by 0.5% yesterday, to resume its losses which were halted in the previous day due to weak demand.

 

The total market cap of cryptocurrencies fell by $1 billion today, to $221 billion, as Bitcoin and other major cryptocurrencies continued to fall.

 

Bitcoin's dominance of the crypto market fell to 66.3%, its lowest since August, as market's focus shifted to other major crypto such as Ethereum and Ripple.

 

Bitcoin's dominance over the market's trading reached earlier in September its highest level in two years at 71.25%, to lose around 5% of that in less than a month which is a major sign about weak investment demand levels.

 

According to a research report by Binance, the disappointing trading volume after Bakkt’s launch maybe a primary factor behind the recent drop for Bitcoin.

 

As there were high hopes for the world's largest exchange market launch of a BTC futures platform, but these hopes met with the lukewarm and unexpected launch for the long-awaited platform.

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