{"id":490341,"date":"2022-05-12T14:37:27","date_gmt":"2022-05-12T14:37:27","guid":{"rendered":"https:\/\/wncen.com\/?p=490341"},"modified":"2022-05-13T01:11:28","modified_gmt":"2022-05-13T01:11:28","slug":"bitcoin-dominance-spikes-to-six-month-high-as-ethereum-falls-13","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-sv\/bitcoin-dominance-spikes-to-six-month-high-as-ethereum-falls-13\/","title":{"rendered":"Bitcoin Dominance Spikes To Six-Month High As Ethereum Falls 13%"},"content":{"rendered":"
With one particularly awful weekend behind them, Bitcoin and other cryptocurrencies are continuing their downward spiral. Bitcoin has dropped below $27,000 for the second time.<\/p>\n
Bitcoin’s value declined 10.68% between Wednesday and Thursday morning; it lost 28.07% in the previous week; 30.50% in the previous month; and 43.27% in the previous year.<\/p>\n
Bitcoin isn’t alone on the sliding board. Ether, the second-most traded digital currency, has dropped to $1,700, marking the first time the token has fallen below $2,000 since July. Ripple (XRP) (-23.48%) and Binance (BNB) (-10.9%) were among the crypto Top 10 to fall. Surprisingly, the US dollar has kept its ground and is now up 0.51%.<\/p>\n
In the last 24 hours, the ETH\/BTC trading pair has dropped 7.5% to 0.0663. The drop was part of a correction that started on May 11 when the pair was trading at a local high of 0.0768. This pushed Ether down by up to 13.75 percent against BTC.<\/p>\n
Cryptocurrencies, like stock markets, have been under pressure in recent weeks. Money managers, traders, and investors, in particular, are showing symptoms of “de-risking” their portfolios as concerns about an increasingly hawkish Fed mount.<\/p>\n
Ethereum, the second-largest cryptocurrency by market capitalization, has been affected by the same macro headwinds, and is presently trading at a 65% discount to its all-time high of $4,870 set in November 2021. In the same time frame, Bitcoin has fallen 63% from its all-time high of $69,000.<\/p>\n
<\/p>\n
BTC\/USD trades below $30k. Source: TradingView<\/a><\/pre>\nOn May 12, the Bitcoin Dominance Index \u2013 a gauge that measures Bitcoin’s market share against alternatives \u2014 climbed to nearly 45 percent, its highest level since November 2021. This could also indicate that, amid the current market instability, traders see Bitcoin as the safer choice \u2014 the “digital gold.”<\/p>\n
Related Reading | Bitcoin Carnage Continues As BTC Disintegrates To $34K<\/a><\/strong><\/em><\/p>\n
Although Bitcoin’s dominance has strengthened in recent days, as the price of Ethereum has broken lower against BTC, many investors’ questions remain.<\/p>\n