Bitcoin Dominance Drops Nearly 2% in 24 Hours
Date: 2023-12-08 Author: Dima Zakharov Categories: IN WORLD
Bitcoin's Dominance Declines: CoinMania analysts took to Twitter to share their insights on the cryptocurrency market's current state. The most noteworthy news of the day was the drop in Bitcoin's dominance by 1.9% compared to the previous day, now standing at 52%, as Ethereum's value continued to rise.
Bitcoin and Ethereum Prices: Bitcoin's price was reported at $43,280, marking a 0.9% increase from the previous day. Meanwhile, Ethereum (ETH) reached $2,356, experiencing a 5.9% growth in the past 24 hours. The industry's total market capitalization surged by 1.9%, reaching $1.61 trillion.
Total Value Locked (TVL) in DeFi Protocols: The TVL in decentralized finance protocols increased by 3.03% in a day, reaching $52 billion. However, the trading volume in the non-fungible token (NFT) market decreased by 22.06% over the same period, totaling $25 million in the past 24 hours.
Ethereum Transaction Costs: The average gas fee for Ethereum transactions dropped by 10.3% in 24 hours, settling at 55 gwei, which remains relatively high. Transferring Ether in the network would cost around $3.
BTC Longs and Shorts: The BTC market showed a 61% long to 39% short ratio, while the Bitcoin Fear and Greed Index dropped from over 80 to 72, reflecting the decline in BTC prices below $44,000.
Market Capitalization and Trading Volume: According to CMC data, Bitcoin's market capitalization stood at $845.47 billion, with traders conducting $26.19 billion worth of transactions in the last 24 hours. Despite recent gains, the flagship cryptocurrency's price remained 37% below its historical all-time high reached in November 2021.
