The attached overview from Coin360 shows the performance of the crypto market over the past seven days. The total crypto market cap stabilized around $1,243 billion. Bitcoin’s market dominance also remained stable around 45%.
Bitcoin’s market cap increased slightly to $575 billion. In contrast, the market dominance of Ethereum (ETH) decreased slightly to 17.6%, while the market cap of the number 2 coin remained at $219 billion.
Bitcoin dominance shows relative strength
While the crypto market slipped hard in recent weeks, Bitcoin continued to do relatively well. This is evidenced by Bitcoin’s rising dominance. Where Bitcoin’s market dominance was still 40% at the beginning of 2022, it has now risen above 45%.
This indicates that although the crypto market has declined significantly and so has Bitcoin, Altcoins declined even more than BTC. Bitcoin has occupied the number 1 position for many years and it does not look like this position will be taken over by, for example, Ethereum or other ‘Alts’ any time soon.
It is a good sign that Bitcoin is doing better than the other coins. Should this relative good confidence be taken over by the other coins, the future looks brighter again for the overall crypto market.
As indicated earlier, the total market cap has now arrived at $1.243 billion, or a level last seen in July last year. For the crypto market, it’s make or break: if this support level holds, then things are looking up for the crypto market again. If this support level is broken, however, the short-term future looks grimmer.