- Bitcoin dominance surged to 62% today.
- Crypto trading volume declined 15% and market cap surged only 1.77% in the last 24 hours.
The crypto market shows slight recovery today as the Bitcoin price increased by around 2%. From the lows of $76K yesterday, Bitcoin price surged past the $80K and is currently trading in the $83K range. The overall crypto market cap increased by 1.77% and its value is hovering at $2.71 trillion.
As per the chart, Bitcoin dominance surged to 62% today. When the crypto market was on a short bull run, Bitcoin dominance dropped to a year-low of 55%. That time, Bitcoin reached an all-time high and several altcoins recorded significant price surges. However, the crypto market is weak at present and altcoins are struggling to keep up with their slight price surges.
The overall crypto market trading volume declined by a significant 15% in the last 24 hours. Its value used to record around $420 billion during peak market times. However, the daily trading volume is only $101.28 billion at present. This reflects trader exhaustion and weakening market momentum, which could bring more losses.
The global macroeconomic concerns are influencing the crypto market at present. Increasing trade tensions as a result of Trump’s new tariffs and recession fears are making traders cautious of risky investments. Despite the Trump administration moving forward crypto regulation and Bitcoin reserve creation, the industry doesn’t seem to be bullish.
Meanwhile the crypto fear and greed index records “21”, indicating fear sentiment across the market. If this continues, we might see further downturn of the crypto market in the coming weeks. In the absence of a significant catalyst that could push the crypto market, BTC price would fall again to the $70K price range.
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