Bitcoin’s Market Dominance Decreases, Sign of Incoming Dips?

-The current market dominance of BTC is 38.2%, the lowest value since 2018.

-BTC is currently trading around $18,790.97, a 6% decrease in the last 24 hours.

For the past few weeks, the global cryptocurrency market is going through a tremendous collapse. Major cryptocurrencies are continuously crashing down and pushing to hold on to the bearish market. Along with Bitcoin (BTC), leading altcoins are also witnessing a downtrend. Even so, the struggling condition of Bitcoin is more severe than altcoins.

BTC Continues to Suffer

The market dominator Bitcoin has always had the highest capitalization in the global crypto market. But currently, the coin’s dominance is not as impressive as it once was. Currently, the market dominance of BTC is 38.2%. This means Bitcoin dominance reaches a record of the lowest value since 2018.

According to CMC, BTC’s dominance surged in June at 48.36%. But from now, the value has massively declined. However, Ethereum has a 19.7% dominance in the market.

Moreover, at the time of writing, Bitcoin is trading around $18,790.97 with a 24-hour trading volume of $40,482,349,337. Currently, the coin has decreased nearly 6.00% in the last 24 hours, as per CMC. BTC is now going through a huge crash with a high price fall and a loss of dominance in the bearish market.