The total crypto market cap declined further over the past week and currently stands at $976 billion. Bitcoin’s market dominance continued to fall below 40%.
Bitcoin’s market cap decreased 7% to at $383 billion. In contrast, Ethereum’s (ETH) market dominance remained solid at 19.6%, while Ethereum’s market cap declined slightly to $192 billion.
Bitcoin dominance calms down
It is a sweeping sign that Bitcoin’s dominance continued to calve over the past week. According to Coin360’s calculations, Bitcoin dominance stands at 38%. The 40% mark has proven to be a lower limit in recent years. A significant breakout indicates that Bitcoin is losing its supremacy.
Ethereum, on the other hand, continues to perform well in terms of dominance at 20%. These 2 largest crypto currencies still hold (almost) 60% of the crypto market. This implies that the remaining 40% or nearly $400 billion is divided between more than 20,899 coins (according to Coinmarketcap).
Last Friday was marked by the annual Jackson Hole Symposium where the US Central ‘Banksters’ met.
Investors who had hoped for anointing words from the Fed were disappointed. Fed Chairman Jerome Powell stated, among other things, that the Fed should continue to pursue a “restrictive interest rate policy” in his words “[the Fed needs to] maintain a restrictive policy in the longer term” and added that it would be a mistake to let go of the brake on the interest rate pedal.
He was supported in this by 2 other hawks within the Fed, namely Mr. Jeffersen and Ms. George. They even argued that the Fed should suppress inflation at all costs, even if this would lead to an economic contraction and higher unemployment.
Jerome Powell thus has the thankless task of cleaning up the mess left by his predecessors.
These statements did not do the sentiment in the equity markets any good and gold, silver and crypto stocks also came under pressure in the process. However, the crypto market has held up well in recent days. Viewed positively, this is a positive sign. Whether this will be enough to resume the upward trend in the coming period, the future will tell.