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In Crypto Market Makes $8 Billion Last Week, Bitcoin is Still the King to Ruin the Crypto Market?

Since last few weeks the cryptocurrency is unable to rebound the market capitalization and seeking the minor correction in the market.

The crypto market has added $6 billion to its valuation as the Bitcoin price maintained stability.

While many cryptocurrencies, especially low market cap tokens fell substantially earlier this week, Bitcoin remained in a tight range between $3,400 to $3,600.

The abrupt decline in the valuation of the crypto market on Monday was largely triggered by the weakness in the short-term price trend of small digital assets.

In the last four days, Bitcoin has barely moved at all, demonstrating a high level of resistance below the $3,500 mark.

A cryptocurrency technical analyst said, Luke Martin said “BTC battling to reclaim the range all week. If price can get back above $3,700 I’m more excited about alt positive momentum continuing,” 

Bitcoin price remains stable as the only major exchange to be able to sustain a certain level of stability in a period of extreme volatility and uncertainty.

A recent report released by Charlie Humberstone at a cryptocurrency market data provider CryptoCompare revealed that Bitcoin-related articles accounted for 42 percent of all cryptocurrency-related coverage.

The analyst wrote:

As always Bitcoin kept chugging along, gaining a larger share of the news coverage from the growing number of ‘bear market casualties’. Bitcoin-related articles reached a peak of 42% by the end of the year. Blockchain articles too maintained their prominence — peaking at nearly 20% of articles in May.

During a bear market, the valuation of many cryptocurrencies and blockchain projects drops substantially. While the decline in valuation makes it cheaper for new companies entering the cryptocurrency market till now.

Last week, for instance, Ethereum Classic suffered a 51 percent attack which led to the loss of over $1 million.

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