Bitcoin Falls below $50K as Global Crypto Market Cap Slides
After falling below $50K, Bitcoin dominance has been jerked down as the digital currency assets lost some $3 billion amidst crypto market routs. The selloffs resulted to decline in global crypto market capitalisation, falling to $1.83 trillion as per coinmarketcap.com from over $2 trillion.
According to data from coinmarketcap.com, the value of Bitcoin started to fall at the end of February with crypto dominance levels sliding downward from 69.19% in December, 2020 to 51.08%.
Despite fall in price of the oldest digital asset, of the global crypto market cap of $1.83 trillion, Bitcoin still has largest value at $924.946 billion, translating to some 50% of the sum.
Meanwhile, from the same point in time Ethereum market capitalization has increased from 11.08% to about 13%, data from coinmarketcap.com indicates.
Market value of the digital currencies assets declined by hundreds of billions of dollars as Friday but seems to be recovering at the close of the business week.
Bitcoin (BTC) is trading around $49.457 as the coin continues to over the previous 24 hours. Interestingly, BTC’s dominance was above the 80% range from the day it was conceived to February 2017.
During the first week of January 2018, BTC’s dominance dropped to an all-time low of 33%. This year, Bitcoin dominance levels have been mostly above the 60% region and in January 2021, it neared 70%.
However, since February 28, BTC dominance has slid from 61% to a low of 50% on April 23. At the same time from February 28 until now, Ethereum (ETH) has climbed from 11.8%.
Ethereum market cap valued at $256.441 billion is not the only coin eating away at BTC’s dominance levels.
At $76.624 billion, Binance coin has captured the third position in terms of crypto market valuations and commands 4.33% of the crypto economy’s entire $1.87 trillion market cap.
The stablecoin tether (USDT) holds 2.8%, XRP has 2.25%, and Cardano (ADA) has 1.9% today. The top 15th position held by Solana (SOL) and all the way to the seventh position Dogecoin, commands .50% of the entire crypto-economy or more.
From October 2020 until today, the overall crypto capitalization excluding Bitcoin has increased a great deal from $145 billion to close to a trillion. A great number of coins have seen gains alongside BTC’s climactic Bull Run, but a few coins, in general, have eaten a lot more than most.
Tokens like Ethereum, Binance coin, Cardano, XRP, and tether (USDT) as well have done the most damage to BTC’s dominance levels amidst weak investors sentiment.
The price of Bitcoin fell over the past 24 hours, with the asset dipping as low as $47,875 around according to coinmarketcap.com; though the digital asset price is now reversing loss, but still below $50,000 as of press time.
Some crypto analysts explained that U.S. President Joe Biden’s proposal to double capital gains taxes on high-income individuals drove the selloffs.
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The largest crypto asset had been in the doldrums for most of the week while alternative cryptocurrencies shined as recently as Thursday. But no asset was completely spared during the recent fall.
Total crypto market capitalization, as provided by charting software TradingView, fell from $2 trillion to as low as $1.83 trillion, a $300 billion plunge that exemplifies the fickle nature of Blockchain-based assets.
Despite massive Bitcoin falls, as of press time, total cryptocurrency market cap is recovering but still down 1.7% over the past 24 hours.
As usual, liquidations, the crypto market equivalent of a margin call on Wall Street, exacerbated the price drop, analysts said.
According to data aggregator Bybt, over $3.4 billion in long liquidations occurred across all cryptocurrencies in the past 24 hours.
The tumble began late Thursday in the U.S. equities markets, with the S&P 500 falling 0.80% Thursday. Not long after the U.S. market closed, Bitcoin began its slide below $50,000.
Ether (ETH), the second-largest cryptocurrency by market capitalization, was also down Friday, trading around $2,370 and falling 6.5% in 24 hours.
After making double-digit gains while Bitcoin was in the dumps this week, ether has fallen with the rest of crypto and was doing worse than Bitcoin Friday in terms of 24-hour price performance.
In 2020, average daily ether volume across exchanges was $12 billion. For 2021 so far, that figure has jumped to $36 billion in ETH volume per day.
More liquidity means more traders buying and selling ether, meaning its price could easily rebound in bullish conditions, compared with previous years. Ether prices are still more than triple where they started the year.
BTC Price Live Data
The live Bitcoin price today is $49,657.58 USD with a 24-hour trading volume of $56,104,236,714 USD. Bitcoin is down 0.05% in the last 24 hours.
The current CoinMarketCap ranking is #1, with a live market cap of $928,102,924,023 USD. It has a circulating supply of 18,690,056 BTC coins and a max. supply of 21,000,000 BTC coins.
Bitcoin Falls below $50K as Global Crypto Market Cap Slides
