Bitcoin Bears Still in Control While Market Consolidates into the Crypto King

Bitcoin dominance explodes to yearly highs and surpassed 70% amidst the altcoin carnage.


The week started on a red note and continuing this trend, the markets experienced another sell-off late on Wednesday or early Thursday. Bitcoin, however, came out relatively unscathed out of the crypto carnage.

The largest cryptocurrency in the world has taken to ranging for a week now. Amidst this, yesterday we went to the $22,650 level but even a bigger drop was seen on Monday when BTC fell to the $22k level.

As the day progresses, we have already made it back to $23,000, barely in the red while managing $6.22 billion in ‘real’ volume. But it is to be seen if we will continue upwards or if we finally have the pullback to about $20k that the market has long been expecting. Crypto trading platform Hxro Labs noted,

“Ranging continues for Bitcoin this evening as we wrap up the year and head into the holidays. Sell volume is leading since the 21st so for now, on the hourly at least… The bears are in control. Still no break in HTF market structure.”

These losses have been the result of Ripple being sued by the SEC for the unregistered sale of XRP. Things are not looking good for the digital asset which has long been under the fear of XRP being deemed a security. All of this Ripple fiasco pushed the entire digital asset market into the sea of red.

Bitcoin’s limited losses amidst the double-digit losses in altcoins resulted in an “extreme rise” in bitcoin’s dominance in the crypto world — at its highest level since the start of the year.

From 62 in mid-November, Bitcoin Dominance has surpassed 70, last seen in early January.

“What this translates to is a consolidation of the industry back into the leader,” wrote analyst Mati Greenspan in his daily newsletter Quantum Economics. “At the moment, Bitcoin is consolidating gains, while many of the alts are not.”

This is why the price of Ethereum went down to $550, a decline of 11.7% in a single day.

Interestingly, before the losses, the amount of Ethereum changing hands continued its activity. The addresses with 1-100 ETH actually have been holding their lowest collective amounts this month. Crypto data provider Santiment noted earlier this week,

“However, smaller addresses are growing encouragingly, and whales with at least 100K ($61.6M) staying patient.”

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