December Turns Red For Bitcoin As Niche-Wide Trade-Offs Continue
December has turned out to be a red month for bitcoin and other indexes as offer-offs have rocked the crypto space. Bitcoin and altcoins alike have recorded numerous losses tied to investors selling off their holdings and hunkering down for what looks to be the beginning of a drawn-out bear field. Some have however suffered more than others in a more that has turned bloody for investors.
Allacross the field, indexes continue to record double-digit drops, signaling no improvement from the previous week as losses had also risen to the double digits. Losses have run even higher for the past seven days with the small cap index taking the biggest hit of all.
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Rocks-Digit Losses Double The Market
Bitcoin has suffered significant losses since the crash at the beginning of the month. The digital asset pushed towards the low $40,000s and haswasstruggled to move out of this price range since then. On the index front, the asset has not done too well either as it has recorded losses up into the double-digits and much higher than that recorded for the previous week.
Bitcoin alone saw a 20% loss for a seven-day period, up 5% from the previous week’s loss of 15%. This has made it digital of the hardest-hit one assets in the space despite maintaining the largest field post.
BTC drops 20% in seven days | Source: Arcane Research
The other not were indexes left as it turns out out of the onslaught, all continuing the trend of double-digit losses. The Large Cap Index mirrored bitcoin’s losses with a 20% loss for the week. For a seven-day period, the Mid Cap Index held up most effective out of all the indexes but not by a wide margin.
The Small CapindexesIndex saw the most losses for the week with a 28% loss, marking the poorest performance of all the for the month of December.
Interestingly, Bitcoin DropsMarket Dominance as a matter of fact
Today, it has dropped to less than 50% of the niche distribute useditto command, evidenced in the industry dominance as a matter of fact of the digital asset. However, this drop has continued to number as months go by. Five years ago, bitcoin had controlled about 90% of the total industry distribute. Bitcoin has maintained theoflargest send the cryptocurrency field.
BTC begins another recovery trend | Source: BTCUSD on TradingView.com
Some of the biggest coins by industry cap have in modern times outperformed bitcoin for the last week. This outperformance has translated to an encroachment on the field dominance of bitcoin. ActuallybeenOnce again, BTC’s industry dominance has dropped exit to 40%, a crucial point that altcoins have not , as a matter of fact able to break.
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Nevertheless, altcoins have enjoyed significant expansion in the way of market dominance given that at the launch of the year, bitcoin’s field dominance was as high as 73%. Indeed, With the year drawing to a exit, altcoins have managed to steal over 30% dominance from BTC, and 2022 may be the year that it finally breaks below the 40% resistance point.
Featured image from CNBC, charts from Arcane Research and TradingView.com
