Bitcoin News
By Sydney TheCMO
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Bitcoin is still the most popular cryptocurrency more than a decade after its launch in 2009, and the first-mover advantage has afforded it many opportunities.
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Bitcoin dominance over the cryptocurrency market combined with its high price value is one reason why it has historically attracted a lot of trading volume.
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Why Bitcoin is losing its market dominance
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Bitcoin dominance was as high as 70% earlier this year, a figure that was even closer to 90% in the first half of 2017, which means that it is quickly losing dominance.
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Tesla CEO Elon Musk is one of Bitcoin's stratospheric surge proponents in 2021 after his company purchased Bitcoin worth more than $1 billion.
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Another possible reason for Bitcoin’s dominance eroding is that the competitors are innovating way faster and transforming their products and solutions into real-world uses.
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Bitcoin traded at $45,031 at the time of this press after a slight pullback from its 24-hour low of $42,196.
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The cryptocurrency is still experiencing strong selling according to the volume indicator, and its price is already below the 7-day, 25-day, and 99-day moving averages.
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The last time that Bitcoin traded significantly below the 99-day moving average was in March 2020, during which the price tanked to a low of $3812, after which the bulls took over.
The Currency Analytics
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