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Charles Hoskinson has criticized “all the dunking of Cardano,” and asserted that the protocol offers the “optimal route for scalability, governance, and innovation.” According to Hoskinson, the crypto industry’s problem is that it allows “carnival barkers [to] dominate the conversation.” Cardano FUD Charles Hoskinson, co-founder of Input Output Global Inc., has criticized “all the dunking […]
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Tag: Dominance
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Charles Hoskinson Criticizes Cardano ‘Dunking,’ Expresses Concern Over ‘Carnival Barkers’ Dominance
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Bitcoin’s Market Dominance Increases, Price Struggles around $36,000
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In the latest crypto sell-off, BTC holders suffered huge losses. However, there was one bright spot for the holders of Bitcoin. The overall market dominance of the most valuable digital currency spiked by more than 4% in the last 8 weeks and crossed 42% on Friday.
In a jittery season for crypto bulls, the overall value of digital currencies plunged by approximately $1.4 trillion since 10 November 2021. The latest surge in BTC’s market dominance indicates that other digital currencies dropped more than Bitcoin in the recent market sell-off.
To put things into perspective, Ethereum has lost nearly 20% of its value just in the last 7 days. The correction in Solana was even worst as SOL dipped by 30% during the same period. Bitcoin performed relatively better with a drop of just 6% during the recent week.
In terms of drawdown from its all-time high levels, BTC is currently trading nearly 48% down from its all-time high level in November 2021. Cryptocurrency assets like Solana and Dogecoin are down 65% and 75%, respectively from their all-time highs.
Bitcoin Transfer Volume and Whales
With weak sentiment among retail traders, BTC whales are dominating the current market. Large transactions currently account for most of the trading volume. “Bitcoin transfer volumes continue to be dominated by institutional size flows, with more than 65% of all transactions being larger than $1M in value. The uptrend in institutional dominance in on-chain volumes started around Oct 2020 when prices were around $10k to $11k,” Glassnode noted.
“BTC whale addresses with 100+ Bitcoin continue their long-term pattern of accumulation during this volatility in the 34k to 38k range. In the past 5 years, 1.7M BTC has been added to these large addresses, including 60k more in the past 2 months,” Santiment highlighted in a Tweet.
In the latest crypto sell-off, BTC holders suffered huge losses. However, there was one bright spot for the holders of Bitcoin. The overall market dominance of the most valuable digital currency spiked by more than 4% in the last 8 weeks and crossed 42% on Friday.
In a jittery season for crypto bulls, the overall value of digital currencies plunged by approximately $1.4 trillion since 10 November 2021. The latest surge in BTC’s market dominance indicates that other digital currencies dropped more than Bitcoin in the recent market sell-off.
To put things into perspective, Ethereum has lost nearly 20% of its value just in the last 7 days. The correction in Solana was even worst as SOL dipped by 30% during the same period. Bitcoin performed relatively better with a drop of just 6% during the recent week.
In terms of drawdown from its all-time high levels, BTC is currently trading nearly 48% down from its all-time high level in November 2021. Cryptocurrency assets like Solana and Dogecoin are down 65% and 75%, respectively from their all-time highs.
Bitcoin Transfer Volume and Whales
With weak sentiment among retail traders, BTC whales are dominating the current market. Large transactions currently account for most of the trading volume. “Bitcoin transfer volumes continue to be dominated by institutional size flows, with more than 65% of all transactions being larger than $1M in value. The uptrend in institutional dominance in on-chain volumes started around Oct 2020 when prices were around $10k to $11k,” Glassnode noted.
“BTC whale addresses with 100+ Bitcoin continue their long-term pattern of accumulation during this volatility in the 34k to 38k range. In the past 5 years, 1.7M BTC has been added to these large addresses, including 60k more in the past 2 months,” Santiment highlighted in a Tweet.
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Bitcoin Leads Charge Of Large Cap Altcoin Dominance In October
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Bitcoin has regained dominance over the market in recent times. The digital asset has seen price recover towards previous highs, with less than 1% left for it to surpass its previous all-time high. This has so far renewed faith in the asset and the market and has seen sentiment move into the positive in the broader crypto market. Bitcoin has not shown any signs of slowing down since then.
On the index side, bitcoin has not taken any prisoners in its market domination. The digital asset has crushed every single index in the market and has outperformed indexes from small to mid-size, bar the Large Cap Index. BTC price shows that the asset is back in the lead. Trends show that it has only begun to rally. With October margins showing a 180% turn from September lows. This is quite simply bitcoin’s season.
Bitcoin Takes Charge Of The Market
Bitcoin’s numbers for the month have been nothing short of exceptional. It has led the charge for the massive recoveries that have been witnessed in the market. The total market rally was sparked by BTC’s upward movement which began at the beginning of the month and since then, the Large Cap Index has recorded an impressive profit margin.
Related Reading | Number Of Bitcoin Whales On The Rise As BTC Chases New All-Time High
BTC has been at the forefront of the recovery in the market. The digital asset is up 29% in the month of October. While the Large Cap Index is up 32% in the same time frame. The recovery strength demonstrated in the price of top coins like BTC, ETH, BNB, and DOT have been the driving factor behind the Large Cap Index success in the market.
BTC outperforms small and mid cap indexes | Source: Arcane Research
Both Bitcoin and the Large Cap Indexes have outperformed their counterparts in the market, which have not fared as well in the market. The top coins have recovered close to their previous all-time highs, pushing the total crypto market cap towards new all-time highs.
Small And Mid Cap Indexes Not Faring As Well
Small and Mid Cap Indexes have also recovered in the month of October but compared to bitcoin and the Large Cap Index, they have not fared as well in the market. Arcane Research reported that the Small and Mid Cap Indexes have recorded growth of 16% and 11% respectively.
Related Reading | Wall Street Strategist Puts Bitcoin As High As $168,000 By Year-End
Both indexes had seen a favorable summer while bitcoin had suffered bitter crashes and dips. However, this has changed in favor of BTC following its performance in the market after summer ended. Trading volume had returned to the pioneer digital currency and it had surpassed the smaller altcoins in the market.
BTC price balances above $64K | Source: BTCUSD on TradingView.com
In addition to outperforming the Small and Mid Cap Indexes, Bitcoin has also maintained dominance over the broader crypto market. Right now, the BTC dominance sits at 46.9%, representing a two-month high.
Featured image from Bitcompare, chart from TradingView.com
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