Market Update – Bitcoin Remains at the Same Level as Yesterday

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The market’s largest cryptocurrency by capitalization has shown almost no changes during the past 24 hours, resulting in its price remaining at $37,484.37 after falling by 0.38%. Yesterday, the coin was trading at $37,578.01, so the price of Bitcoin is almost the same as yesterday. Its market cap stays at $702,166,610,637, while the Bitcoin dominance index has risen to 44%, 0.4% more than yesterday.

The rest of altcoins from the top 5 of CoinMarketCap’s ranking of largest cryptocurrencies by capitalization are also in negative territory, with the only exception of Binance Coin, which has added 1.19% since yesterday despite the fact that Silvergate Bank has suspended USD deposits and withdrawals to Binance.

The total capitalization of the cryptocurrency market has fallen from yesterday’s $1.620T to $1.594T, reflecting the general fall the market is experiencing led by BTC.

The news that Elon Musk will not have any role in the recently unveiled Bitcoin Mining Council, which should be considered as something positive as this means that it will not be associated to someone who has the power to trigger sharp price movements in the market, has not had any impact on the price of the crypto, as it is falling instead of growing, which is the behavior we would have expected.

Will Bitcoin break above $40,000 over the weekend pushed by retail traders, who are usually more active during these days? We will soon find out.