Bitcoin's market share of all cryptocurrencies rises to highest since April 2021. ---
Bitcoin Beats Rest of Crypto Market as Ether, DeFi Tokens Struggle ***
Wollito Admin
Wednesday 18th of October 2023 01:30:00 PM 3 min readBitcoin (BTC) continued to outperform the cryptocurrency market as Ethereum's ether (ETH) and decentralized finance, or DeFi, tokens slid Tuesday.
BTC, the largest digital asset by market cap, sunk to $28,100 early during the day before rising to near $28,500, slightly up over the past 24 hours.
Meanwhile, ETH showed weakness and dropped 1.8% to near $1,560 over the same period, marking a fresh 15-month low price relative to BTC. The broader digital asset market proxy, the CoinDesk Market Index, was slightly down by 0.6%.
Among crypto sectors, the CoinDesk DeFi Index (DCF) struggled the most during the day with its 3.7% decline, led by decentralized exchange UniSwap's native token (UNI) tumbling almost 7% after Uniswap Labs said it will impose a 0.15% fee on some trades executed via its front end starting Tuesday.
The native token of the Sui blockchain (SUI) plummeted 7.6% as the director of the South Korean Financial Supervisory Service reportedly raised concerns that the Sui team could be manipulating the supply of the token via staking. The Sui Foundation called the report "materially false."
Rising bitcoin dominance
Bitcoin's strong showing drove its market share among all cryptocurrencies – also known as the Bitcoin Dominance Rate – to over 52%, its highest level since April 2021, TradingView data shows.
The metric can go even higher, according to investment advisory firm ByteTree, as market participants yearn for a not-fake approval of a spot BTC exchange-traded fund and bitcoin's quadrennial halving approaches early next year, considered bullish for the asset's price.
Comments
Trade cryptocurrency with ease and enjoy low trading fees!
Quickly and easily trade cryptocurrency at Wollito.com
Find your answers instantly in our Support Center
Taking good care of our customers is our top priority. Wollito Customer Support is here to pro...
Wollito NFT - Coming Soon
List your NFT for FREE with Wollito NFT's.