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Wednesday

28 July 2021

Bitcoin Crashes Below $30,000, Bear Market Or Bullish Setup?

Bitcoin Crashes Below $30,000, Bear Market Or Bullish Setup?


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Market indicators so far continue to show that the digital asset might be headed for further decline.

Bitcoin is the first cryptocurrency and certainly the most valuable has always maintained market dominance over the other crypto assets in the market.

The price crash in May saw the market dominance for the digital asset take a sharp decline as other crypto-assets started to step up their game and take more market share.

In 2017 alone, the digital asset saw its market dominance go down from 95% to 52%, before recovering up to 70% as the last bear market raged on.

There have been debates about whether events like the China crackdown on mining and crypto bans have been a good indicator for the crypto market at large and consensus seems to be that the events will help to make digital assets even more valuable.

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