Market Up $6 Billion in 4 Days: Is #Bitcoin
King During the #BearMarket
Since January 14, subsequent to a minor correction, the crypto market has added $6 billion to its valuation as the Bitcoin price maintained stability.
While many #cryptocurrencies
, especially low market cap tokens fell substantially earlier this week, Bitcoin remained in a tight range between $3,400 to $3,600.
How Bitcoin is Able to Retain Dominance
The abrupt decline in the valuation of the crypto market on Monday was largely triggered by the weakness in the short-term price trend of small digital assets.
In the last four days, Bitcoin has barely moved at all, demonstrating a high level of resistance below the $3,500 mark.
Luke Martin, a cryptocurrency technical analyst, said that the breakout of the Bitcoin price above $3,700 could allow the dominant cryptocurrency to record a promising short-term price movement in the days to come. “BTC battling to reclaim the range all week. If price can get back above $3,700 I’m more excited about alt positive momentum continuing,” Martin said.
Bitcoin remains as the only major cryptocurrency to be able to sustain a certain level of stability in a period of extreme volatility and uncertainty.
Reports suggest that the fundamentals of the asset have allowed it to outperform most crypto assets in the global market.
In many areas including hash rate, developer activity, transaction volume, and trading volume, Bitcoin has easily surpassed its competitors throughout the past 12 months.
As the world’s first cryptocurrency, bitcoin remains the most prominent and used decentralized currency of them all.
A recent report released by Charlie Humberstone at a cryptocurrency market data provider CryptoCompare revealed that Bitcoin-related articles accounted for 42 percent of all cryptocurrency-related coverage.
The analyst wrote:
As always Bitcoin kept chugging along, gaining a larger share of the news coverage from the growing number of ‘bear market casualties’. Bitcoin-related articles reached a peak of 42% by the end of the year. #bitcoinnews #bitcoininfo