Bitcoin Market Cap dominance at 11-month high despite BTC Price Struggling below $30K

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is down 2% trading around $28,000, Ethereum price is trading at $1830, down about 1% in the past 24 hours.
2. Global crypto market cap is down about 1.5% in the past 24 hours, currently at about $1.16 trillion, according to data from CoinMarketCap.

CRYPTO MARKET TODAY AT A GLANCE

Additional Read: Bitcoin Price Prediction

TOP CRYPTOS TODAY BY MARKET CAP

The crypto market in the past week did attempt to make a recovery, but the weekend did put some amount of selling pressure on the market. Nearly all major coins from the top 15 cryptos by market cap suffered losses. Bitcoin, which was trading just below $30,000 early on Friday, April 28, is now trading around $28,000 as of writing this article. Ethereum too was trading well above the $1900 mark on April 28 lost nearly $100 and is currently trading around $1830. The overall crypto market cap fell from $1.21 trillion down to $1.16 trillion – according to data from CoinMarketCap.

However, the reason behind this selling pressure in the crypto market cannot be pinned down on one or two specific items but rather a mixed bag of news in the market. While the collapse of the First Republic Bank recorded the second largest bank failure in US Banking history – it was bought by JP Morgan and the situation was eased for the moment. So while there is some amount of anxiety in the financial markets worldwide, cryptos, among other asset classes too – is suffering the brunt of it.

However, the silver lining in this scenario is that despite Bitcoin facing severe resistance at the $30,000 mark and failing to breach it time and again – it is seeing a strong rise in market cap dominance! In fact, Bitcoin’s market cap dominance has reached an 11-month high as of writing this article! Bitcoin definitely seems to be leading this effort to pull the crypto market out of the bear market grip!

Read more: Ethereum Transaction Fees Surges

BTC Market Cap Dominance | Source: TradingView

BITCOIN PRICE TODAY

BTC/USD | Source: TradingView

While the last week of April 2023 did see some strong recovery in the price action as BTC price attempted to breach the $30,000 mark – the weekend however pulled it back down amid global headwinds. Bitcoin price has nearly lost all that it had gained in the previous week. However, things do not seem too bad at the moment either. Currenty trading around $28,000, BTC price is right on the 50-day moving average and above the $27,500 minor support level. If this is maintained, things can recover strongly whenever we see a positive cue coming in.

Further, the Relative Strength Index is below the 50 mark, but only around 46 as of writing, which is negative, but not too much, subjectively. This is still reasonably well positioned to support any bullish pullback move in the price of Bitcoin. Also, BTC price is still above the golden crossover of the 50 and 200-day moving averages. The only point on contention is that trading volumes are on the lower side, on average, which could indicate some doubt and fear in the market, and thus an unwillingness to trade at the moment.

ETHEREUM PRICE TODAY

ETH/USD | Source: TradingView

Ethereum’s fall over the past week has been slightly more than the king coin, Bitcoin – falling a little over 13% over the past week. In the past week and a half, ETH’s price has lost almost all the gains it had made post the Ethereum Shanghai Capella Upgrade. But in the broader picture, things are not yet too worrisome for investors either. Ethereum did have a relatively slower start to 2023, but in the week leading up to the Shapella Upgrade and a couple of days after it – ETH showed a strong pullback to touch $2100 levels!

ETH price has lost all those gains over the past week and a half – but still, a correction after a major rally is a very natural phenomenon. As long as the various support levels are respected, things will continue to move forward in a positive fashion. ETH price is still trading just above the golden crossover of the 50 and 200-day moving averages and is above the crucial support zone of $1700. $2100 was a critical resistance zone that will be difficult to break but as of now, it is within the accumulation zone (marked in grey) and this kind of minor spikes and corrections will continue to absorb all the selling pressure this accumulation zone has to offer before ETH price can breach the $2100 level.