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Bitcoin Dominance (BTC.D) Increases Almost 9% In 8 Days. Why Is It Increasing?

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Bitcoin Dominance (BTC.D) is increasing in May, when the crypto markets fell sharply, currently BTC.D is moving towards October 2021 levels. Since October 2021, Bitcoin maintains its strength in the market, although it has dropped from $ 69,000 to $ 30,000. Bitcoin has increased its dominance in the crypto market by almost 9% in 8 days.

Bitcoin Dominance on May 11 was 41.7%. Currently, it is 45.35%. It seems to have increased by about 9% in 8 days.

According to Coinmarketcap data, the crypto market cap is $1.278 trillion. Bitcoin has a market cap of $574 million. Bitcoin has a market cap of $574 million. Bitcoin is currently trading at $ 30,178. It's up about 3.5% today, up about 6% weekly.

While the crypto market is falling sharply, some altcoins and stablecoins are experiencing problems. This is increasing the outflows from altcoins and stablecoins. Some investors think it is safer to stay in Bitcoin. As such, the dominance of Bitcoin in the crypto market is increasing significantly.

Bitcoin is the leader of the crypto market and many investors trust Bitcoin more. Although there are sharp decreases, institutional and individual investors do not give up their Bitcoin plans. Andrew Kang, MicroStrategy's chief financial officer, talked about the company's Bitcoin plans in an interview with The Wall Street Journal. Andrew Kang stated that the company's Bitcoin plans will not change. He said that despite the decline in the crypto market, the company has no intention of selling Bitcoin at the moment, and there is no pressure from the shareholders in this direction. Besides MicroStrategy, it is very important that its shareholders have no intention to sell. If you want to take a look at the news, click here.

Increasing confidence in Bitcoin is breaking the bears' oppressive power. That's why the bears are failing to push the Bitcoin price further down. Bitcoin has formed a very solid support at $ 30,000, it is quickly returning even if it falls below $ 30,000. Looking at the current data, it seems that if Bitcoin finds a way to rise, its rise could be much faster.

If Bitcoin continues to maintain the 30K support, we may face a stronger bull market than before. But if it loses this support, the bear market can resume from where it left off. I believe that wherever the Bitcoin price goes, it will be much higher in the future. I am quite optimistic about Bitcoin and I am not worried about Bitcoin. It seems like some institutional investors think the same as me.

What are your thoughts on this?

I do not give financial advice. I follow the developments in the crypto market and share my ideas with you. You should do your own research before investing.

Posted Using LeoFinance Beta