The cryptocurrency market is yet to apply the brakes on its freefall so far. The leading crypto asset alongside altcoins have been slipping considerably as the market cap declines rapidly.
Bitcoin decreased by 2.08 percent and went beneath the $32k mark before bouncing back up slightly. The crypto had struggled to stay above $32k but the turbulent crypto market didn’t align with this as it slipped down to $31,837 on Coin Market Cap. Bitcoin’s fall makes up to an eight percent decline from the past week.
At the time of writing this report, Ethereum is down by almost two percent. The asset against expectations went down below the $2000 despite bullish news of its development. Binance Coin (BNB) appears to be the only one in the pack that maintained an upward momentum at $313.
Cardano (ADA) declined by 2.33 percent and is now trading at $1.29. XRP went down by 0.54 percent while Dogecoin (DOGE) and Polkadot (DOT) declined by 3.15 and 3.17 percent respectively. Nevertheless, the plummeting market is giving BTC more leverage to dominate the market with a dominance ratio of 46.16 percent today.
More Activity on Bitcoin
Bitcoin appears to be on the podium of enhanced activity as the gap between it and altcoins continues to widen. Although the market has been on a decline, the crypto asset has been observing short bullish breaks and it is keeping its value ahead of the pack.
Investors are watching out for the Bitcoin law that would be enacted in Paraguay. A Paraguayan Congressman Carlos Rejala would be presenting the bill to the legislative house. However, he declared that the bill would be dissimilar from El Salvador but it is as well, a bill for digital assets.