Thursday, May 23, 2024

Bitcoin Gets Stronger as Supply Halving Approaches, But Price Stalls Around $61,000.

Despite the price adjustment, Bitcoin (BTC) has grown in dominance in the cryptocurrency market due to the approaching halving and general market risk aversion.

According to CoinDesk Indices data, the largest cryptocurrency by market value was trading below $61,400 on Thursday during Asian trading hours as the sell-off in risky assets, driven by challenging macroeconomic conditions, raged.

The most liquid digital asset index in the world, CoinDesk 20, is down 3.3% at 2,125.

Although there may be difficulties for bitcoin right now, layer-1s and altcoins are performing worse. Over the past week, top layer-1 tokens like Solana’s (SOL) have dropped by more than 20%. Cardano’s (ADA) is down 23%, Filecoin’s (FIL) is down 30%, and Avalanche’s (AVAX) is down 26%.

Once the market darling, artificial intelligence (AI) tokens continued to see bloodshed, with some of the biggest AI tokens falling by double digits during the past week. The FET token is Fetch.  AI is down 24%, while the RNDR of Render is down 13%.

Because of all of this, bitcoin dominance is increasing. The dominance of Bitcoin aids traders in assessing the state of the market and the token’s impact on altcoin developments. With a rise of about 1.35% in the past week and 2.5% in the past month, the dominance of bitcoin is currently 55.19%.

Google search interest in the halving is rising to all-time highs in the lead-up to it, greatly outpacing interest in the 2020 halve.

The halving has garnered more search attention than Ethereum, Solana, or Dogecoin, per data from Google search trends.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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