Bitcoin’s attempt at recovery in the past 24 hours has been slightly thwarted compared to the current decline. Many BTCs have now accumulated with no buyers in sight.
Recently, the price of Bitcoin [BTC] has experienced a slump, despite attempts to narrow the gap on the previous trading day.
In addition to the price decline in the past few days, the market dominance of the king coin has also decreased. Furthermore, as the price drops, off-exchange trading reserves continue to rise.
BTC Dominance Decline
Bitcoin’s dominance in the cryptocurrency market has recently decreased significantly as it struggles to maintain its value.
Analysis by AMBCrypto shows that at the end of the trading period on June 24, BTC’s dominance was over 54%.
However, by the following day, June 25, this figure had dropped to around 52.28%.
The rapid decline within 24 hours indicates that, despite Bitcoin depreciating, some alternative coins have performed relatively well and gained market share.
As of the time of writing, BTC’s dominance has slightly decreased, but still hovers around 53%.
This dominance indicates that Bitcoin still accounts for over half of the total cryptocurrency market value.
Bitcoin’s Dominance Relative to Other Assets
As of the time of writing, Bitcoin’s market value exceeds $1.2 trillion, with the total market value of cryptocurrencies at around $2.27 trillion.
Ethereum (ETH) holds the second largest market dominance, accounting for almost 18% of the total market value.
Analysis suggests that changes in Bitcoin’s price and performance significantly affect the distribution of market value across various cryptocurrencies.
More Bitcoin Impact Reserves
According to the latest data from CryptoQuant, the amount of Bitcoin held in off-exchange trading (OTC) reserves has significantly increased.
In the past six weeks, these reserves have increased by over 103,000 BTC, worth over $6 billion at current prices. This accumulation indicates a significant increase in off-exchange trading reserve balances.
The continued increase in off-exchange trading reserves indicates a current lack of buyers, which may be attributed to the recent decline in Bitcoin prices.
The price drop may deter potential buyers, leading to the accumulation of reserves.
The dynamics between price declines and the increase in off-exchange trading reserves highlight the cautious stance of larger market participants during price fluctuations.
As of the time of writing, the trading price of Bitcoin on a daily timeframe chart is around $61,680. Its trading price has slightly decreased, by less than 1%.