Top cryptocurrency, BTC has seen a major loss of market dominance in comparison to its last quarter’s records.
Bitcoin Loses On Both Sides
Amid slumping market dominance, Bitcoin has also lost against the USD considerably, sending the price crashing below $8k, a point where analysts and known traders believe if crossed will further send bitcoin’s price crashing towards the $6k region.
At press time, the top cryptocurrency is trading at $7981.
Bitcoin Q3 Records
Bitcoin enjoyed a considerable percentage of the market in the last quarter. Between July and September, the pace-setter cryptocurrency touched 71% in market dominance, silencing competition put forward by major market contenders like ETH and XRP. At that time, BTC had just taken a break from its July bull run which had flung the price to $13,400. However, riding into the 4th quarter which began in October, Bitcoin began to bow to selling pressure which, at sent the price crashing below critical positions towards $10k, a result of which Bitcoin began losing its market share.
Bitcoin Trading Below $8k
At the moment, bitcoin has a market dominance of 66%, a figure which represents a 5% negative difference from its Q3 highest dominance level of over 71.2%. Also, the top cryptocurrency is currently changing hands at $7,981. At the present rate, bitcoin has lost about 18% in value against USD compared to its price of $12,276 seen on the 6th of August, 2019.
Within the last 24 hours, bitcoin struggled to maintain a spot above the $8k region but it succumbed to selling pressure and went below the mark.