Bitcoin, the world’s most valuable digital asset, lost nearly 2% of its value in the last 24 hours as its total market cap dropped below $600 billion. BTC is currently trading near its lowest level since 26 June 2021.
The overall market cap of digital currencies touched a low of $1.27 trillion on Monday after the latest sell-off in Bitcoin and Ethereum. ETH remained the worst-performing cryptocurrency among the top 5 in the last 24 hours. Ethereum is now down by approximately 5% within a single day.
“Recent harsh conditions for bitcoin and ether continued last week as both crypto assets saw significant sell-offs continue. Bitcoin’s recent woes deepened as the crypto asset slumped across the week, starting trading above $34,000 before losing ground. It is now trading around $31,791. ETH began the week above $2,000 but saw a sell-off to trade below $1,900 at times. Currently, ETH’s value is hovering very slightly near $1,900,” Simon Peters, Market Analyst at Etoro, said.
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“With yet another poor performing week, speculation on the short-term price direction of major crypto assets is rife, with mixed opinions on price depending on what metric/indicators analysts are looking at,” Peters added.
Despite the latest dip in the price, Bitcoin saw a jump in its crypto market dominance. The world’s largest cryptocurrency now accounts for more than 46% of the total crypto market cap. ETH’s crypto market dominance stands at around 17%.
Bitcoin Market Sentiment
During a recent interview with CNBC, Steven Mnuchin, former Secretary of the Treasury in the US, said that he is not planning to add Bitcoin to his investment portfolio. During the first two weeks of July 2021, BTC’s on-chain activity remained slow. Bitcoin investment products saw negative sentiment in the last few weeks. According to the latest digital asset fund flows report published by CoinShares, Europe’s leading crypto asset management firm, BTC-related investment products saw outflows worth nearly $7 million in the second week of July 2021.