Btcoin rise again

Bitcoin Dominance Rises again when Investment Funds “Bottom Fishing”


Bitcoin is seeing some light in the dark as the new week begins with Bitcoin Dominance up around 17% and the asset class with the smallest drop in the past 7 days since ATH (highest ever)

As of 18:30 today, BTC is trading above $37,200 after gaining more than 5% in a single day. However, the asset has fallen 21% in a week and 28% in the last month.

Besides, amid the sell-off, the percentage of the total market capitalization of the asset, known as dominance or Bitcoin Dominance, increased by about 17% in 7 days; while many other cryptocurrencies fell against BTC.

More precisely, it has grown from 39.1% recorded by Coinmarketcap.com on May 18 to 47.24% at the time of writing – that is, it is up 8.14%. The highest in this period of 48.36% was seen yesterday.

Moreover, bitcoin is one of the few coins that have fallen the least compared to the ATH that has been achieved recently. It has dropped 43% in 40 days, from $65,028 (according to Coinpaprika) on April 14.

The only top coin that is down less is Cardano (ADA) with almost 40% in the eight days since ATH was established at $1.48. ETH follows BTC with a 48% drop in less than two weeks.

Other coins in the top 10 have fallen from 55% (DOGE) to 78% (XRP), although XRP is the only coin on the list that has not hit an all-time high since 2018.

Loan Venkatapen, the co-founder of Blocklabs Capital Management, told Bloomberg that while BTC is “not dead yet,” it still “expects efficient blockchain assets like Ethereum or Solana to challenge Bitcoin’s dominance in the coming months.” next."

Who is buying?

According to Bloomberg, crypto hedge funds bought in this latest drop, one of which was London-based MVPQ Capital. The company's founder and CEO, Felix Dian, said they bought BTC for $35,000.

Charlie Erith, chief executive officer of ByteTree Asset Management, also said the $35,000 level is where "we feel it's a reasonable level to buy" and noted that they don't think "this will be the time 2018 will repeat itself." back”, the time when prices plummeted and the beginning of Crypto Winter.

However, with around $410 billion that investors spent on BTC during the bull market; According to data from blockchain analytics firm Chainalysis, $300 billion of those positions were lost when BTC dropped to $36,000.

Kyle Davies, the co-founder of Three Arrows Capital, told Bloomberg:

People who are borrowing money to invest, they have been wiped out of the system… every time we see major corrections there is an opportunity to buy. [… ] I wouldn't be surprised if bitcoin and ethereum recover their full losses in a week.

Additionally, crypto financial services firm Amber Group noted today that it is finding comfort in smaller altcoins rather than a return to BTC and ETH.

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