Bitcoin Suffers As Mid Caps Cryptos Establish Market Dominance With Wide Margin
15 Settembre 2021 - 7:00PM
NEWSBTC
Bitcoin has now seen declining prices following the El Salvador
Bitcoin law. The flash crash that had cleared at least $400 billion
off the crypto total market cap has left lingering effects on the
price of the digital asset. The price had plunged from $50,000 to
$42,000 in less than an hour, leading to an 18% loss in about 30
minutes. While bitcoin has since recovered from its lows from the
crash, the asset has not been able to recover to previous levels
before the crash. Though the crash had affected most of the market,
mid-cap coins have recovered the most from this. The Mid Caps Index
had actually crashed along with the rest of the market. But
subsequent recovery trends show that it had gained back a good
percentage of its value since the crash. Related Reading
| MicroStrategy Deepens Its Crypto Bet With Another $240
Million Spent On Bitcoin Mid Caps Index Outperforms In September In
the month of September, the Mid Caps Index has grown 21% in
September alone. This is a complete deviation from the patterns of
other indexes, both the Small Caps and the Large Caps, which have
both shown declines in the month of September. The Large Caps index
is up only 1% in September. Likewise, keeping in line with the low
recoveries, the Small Caps index is down 3% for the month. Mid Caps
Index dominates market in September | Source: Arcane Research
Bitcoin, which seemed to have held up well during the crash, has
made the least significant recovery in the month. The asset shows
the lowest performance in the month of September, down 5%, even
lower than the Small Caps index. Related Reading | New To
Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course
Altcoins have recorded better performances after the crash, despite
taking the most hits with the flash crash. The week following the
crash saw the altcoin market recover swiftly. Coins like Algorand
which belong to the Mid Caps Index performed so well after the
crash that it pulled the entire index up with it. While bitcoin has
maintained low momentum and continues to struggle in the market.
Bitcoin Maintains Market Dominance The performances of the indexes
versus bitcoin have not had much of an impact on the market
dominance of the asset. Although bitcoin lost some of its market
dominance, the total for the week came out to be about 1% of market
dominance lost to altcoins. Currently, the market dominance of the
digital asset sits at 41.47%. The Mid Caps Index performance has
seen the altcoin market creeping up to take more market share from
bitcoin. BTC price trading above $47K | Source: BTCUSD on
TradingView.com Bitcoin price has been showing some significant
recovery patterns in the past few days. But there has not been any
significant recovery in the price. The digital asset is gearing up
for what looked to be a retest of the $48,000 resistance point,
after having found a comfortable position above $47,000 ahead of
the opening of the midweek market trading. Currently, the price is
trading at $47,473 with a 24-hour price change of 2.11%. Chart from
TradingView.com
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