Crypto market cap is currently around $1.05 Trillion, Bitcoin market cap is $501 million. Bitcoin Dominance (BTC.D) was around 40.78% on January 8, 202, and is now 49.21%. It seems to have increased by 20.67% in about 6 months. Compared to last week, Bitcoin Dominance increased by about 4% and reached the highest level since April 29, 2021.
When we look at the past years, it is seen that Bitcoin Dominance usually increases in bear markets, but this time its rise may be different. The SEC's lawsuits against cryptocurrency centralized exchange (CEX) giants Binance and Coinbase seem to have hit altcoins the hardest, with altcoins falling dramatically.
While the crypto market is falling, some cryptos are resisting further declines, which shows the preference of investors on the one hand. Bitcoin and some altcoins seem to be quite stable and strong, although some altcoins have experienced very sharp drops.
Bitcoin is currently trading at $25,805. Especially around $ 25,500, it seems that the buyers have increased significantly, which prevents the price from falling further. I think Bitcoin will continue on its way, no matter how much negativity is in the markets, so I don't expect too much of a drop. By the way, less than a year left until the Bitcoin halving and when I look at the Bitcoin halving history, it seems that Bitcoin has increased significantly with each halving, so I am very optimistic about Bitcoin.
Bitcoin is up about 0.7% on a weekly basis, but on a weekly basis, many cryptocurrencies appear to have dropped significantly.
Although HIVE fell sharply on June 10, it started to recover rapidly, which shows that it is quite strong. HIVE is currently trading above $0.29. It has solid support at $0.27, which prevents further declines. And I think it will go back to $0.33 in the coming days, maybe it can even move higher.
Frankly, I am very optimistic about Bitcoin and HIVE and I think they will be appreciated in the future. What do you think?