Crypto Report: Retreating Bitcoin dominance and Ethereum volatility

In the latest Crypto Report we look at the retreating Bitcoin dominance of the crypto market.

Bitcoin (BTC) experienced a dip today hitting $25,370 before recovering to $25,759, marking a 0.1% decrease from the previous day. The trend suggests potential further losses in the Asia trading window.

Bitcoin dominance has slipped from 50.7% in early August to 49.1% today, reflecting shifting market sentiment. Research by Ark Invest reveals a decline in futures open interest, a phenomenon not seen since December 2021, signaling a recalibration of sentiment.

Ethereum (ETH) displayed volatility, ranging from $1,609 to $1,670 before settling at $1,633. Currently, the ETH/USDT pair is trading at $1,635. Both Bitcoin and Ethereum saw weekly declines of 5.5% and 4.2% respectively.

Among altcoins, BNB, Ripple (XRP), Cardano (ADA), and Dogecoin (DOGE) experienced marginal drops, while Toncoin (TON) surged ahead, adding 9% to its market cap. The global cryptocurrency market capitalization stands at $1.04 trillion.

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