Bitcoin Dominance On The Rise Amid Market Turbulence
Crypto strategist Benjamin Cowen has declared that the bitcoin market is entering one of its most brutal stages within its cyclical nature. Cowen pointed out that Bitcoin’s dominance, which represents its total share of the crypto market capitalization, is on the rise while altcoins are dropping more.
We’ve been discussing this phase of the market cycle for a while.
Namely, where #BTC drops, but BTC dominance goes up, because altcoins are dropping more.
It is always the most brutal part of the market cycle. pic.twitter.com/ueLIcwUkOw
— Benjamin Cowen (@intocryptoverse) October 9, 2023
Cowen suggested that Bitcoin’s dominance is likely to peak at around 60% during this cycle, similar to the previous cycle. He believes stablecoins are preventing Bitcoin’s dominance from going higher.
While the crypto market grapples with intense volatility, the Middle East turmoil and uncertain global geopolitical events have contributed to a sharp downturn in digital asset prices.
Market Turmoil And Losses: $100 Million Liquidated In A Day
According to data from CoinGlass, over $100 million in losses resulted from liquidations on Monday alone, as digital asset prices experienced a sharp and abrupt decline. This mainly represents long positions, indicating traders who had anticipated price increases and were forced to exit their positions.
Monday’s market meltdown saw a staggering $105 million in long liquidations within the US afternoon trading session, the highest amount of long liquidations witnessed in a single day since September 11.
Currently, Bitcoin (BTC) is trading at $27,590, experiencing a 24-hour decline of 1.3%. These price fluctuations highlight the crypto market’s inherent unpredictability.
In this environment of heightened volatility and uncertainty, crypto enthusiasts and traders must exercise caution and closely monitor market developments.
