Bitcoin beats the rest of the Crypto market
London: 18 October 2023 (TraderMade): Bitcoin continues outperforming the rest of the cryptocurrency market. However, Ethereum and decentralized finance tokens are still struggling.
Bitcoin, or BTC, is one of the most significant digital assets by market cap. But it sank to $28,100 early during the day before rising to nearly $28,500, slightly up in the past 24 hours.
Eth, meanwhile, is showing weakness and dropped 1.8% to $1560, nearly during the same period. It is now at a fresh 15-month low price compared to BTC. Among other crypto sectors, the DeFi index struggled during the day, with a 3.7% decline.
This decline is due to the decentralized exchange UniSwap's native token UNI, which tumbled almost 7% after Uniswap Labs announced their 0.15% fee on some trades executed through its front end.
Bitcoin dominance is rising
Bitcoin is strong, showing the market its dominance among all the other cryptocurrencies. This is also called the Bitcoin dominance rate, over 52%. The value has been high since April 2021. This metric can even go higher, according to financial analysis.
This happens because market participants seek genuine approval regarding spot BTC exchange-traded funds. Moreover, the Bitcoin quadrantal halving is approaching early next year, which is considered bullish for the asset price.
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