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- Bitcoin soars around $53000 on exchange platforms as the market saw a day filled with selloffs.
- Bitcoin fell by 5% yesterday but has recovered well above $55k as of press time. But it is still nowhere close to the height it had achieved in the last month when it crossed the $63k mark.
- The US s&p 500 also saw a decline of around 0.50% on Monday and still heading downhill.
The falling dominance
Bitcoin share in the cryptocurrency market has already slumped to around 43% from 70% at the beginning of 2021. This downfall has alarmed the investors at wall street.
According to a recent Bloomberg article, DataTrek Research LLC and JP Morgan Chase & Co’s strategists have reported it as a warning sign. One reason for this downfall is said to be the parabolic rise of other digital currencies that are giving much higher returns. Also, the market is seeing an increase in the number of options to invest as many new digital coins have popped up recently.
The rally continues
It’s been a fair amount of time since the speculations that the crypto boom could end any time soon, but only to see them rally even further.
Referring to the current scenario recently, JPMorgan’s chief strategist Nikolaos Panigirtzoglou wrote in a note,” the waning dominance of Bitcoin, echoes “froth” and appears to be backed by the fact that increased retail demand has fuelled rallies for other cryptocurrencies.
But a sector that has never been traditional and defied the conventional trends, these speculations don’t seem to shake it either. By the time of reporting, Bitcoin was valued at $54,808.40, at 8:05 am, on 11 May 2021 as per Coordinated Universal Time (UTC).
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
