The basis of his optimism is an early start that institutional investors have been transferring their funds to Bitcoin from other crypto tokens over the past few weeks. This is the opposite of the trend in April when other Cryptocurrency prices With Bitcoin prices Market Crash Begins In an interview with CNBC, Panigartzoglo said that Bitcoin’s dominance over the entire crypto market cap gives insight into when its recent downward spiral will end.
“Bitcoin dominates about 45%, we want to see this top digital currency account for 50 percent of the overall cryptocurrency market. Bitcoin shares 50 percent or more of the total cryptocurrency market cap. The form has a better score, I think. It’s another indicator to see if it’s over. “
Coindesk At the time of writing, Bitcoin was trading at 34 34,156 (approximately Rs 25.38 lakh), according to the report. In April, it reached an all-time high of about $ 65,000 (about Rs 47.3 lakh). When the market crashed, it fell below 30 30,000 (about Rs 21.8 lakh) before recovering somewhat.
“There was a gap between Bitcoin and other cryptocurrencies. There was some institutional interest in Bitcoin to Etherium in April, and now we’re seeing the opposite,” said Panigartzoglu.