How Bitcoin Is Controlling The Ebb And Flow Of Crypto
January 19 2022 - 1:00PM
NEWSBTC
Latest data shows that so far in the year 2022, the rest of the
crypto market has been moving in tandem with Bitcoin. Crypto
Indexes Follow Bitcoin In January So Far As per the latest weekly
report from Arcane Research, all the various indexes in the crypto
market have mimicked BTC’s movements so far in the month of
January. The “crypto indexes” here refer to groups of
cryptocurrencies separated into these divisions on the basis of
market cap. There are three main indexes, the “large cap index,”
the “mid cap index,” and the “small cap index.” The below chart
shows how these various groups have performed compared to Bitcoin
in the year 2022 so far: Looks like monthly performance of the mid
cap index has been the best so far | Source: The Arcane Research
Weekly Update - Week 2 As you can see in the above graph, the
various crypto indexes seem to be moving in tandem with Bitcoin in
the year so far. Related Reading | 70% Of Bitcoin Supply Is In
Profit – Why Bulls Need To Defend This Level BTC’s returns in
January stand at double digits in the red at the moment, closely
followed by the small cap index which also has 10% in losses. The
large cap has also traced Bitcoin quite closely as its losses stand
at 8% right now. The reason for its slight overperformance against
BTC has been due to the strength of DOGE, NEAR, and ADA. While the
mid cap index has also mimicked the moves made by BTC, its strength
has been much more as its returns for the month are at just 2% in
the red. Related Reading | Bitcoin Supply Shock: Only 12% Of
BTC Supply Is On Exchanges Now The mid cap index has outperformed
the rest of the market thanks to the strength of UNI and MATIC, two
cryptos that account for about 20% of the total index. Bitcoin’s
dominance has once again dropped in the last week as its share of
the total crypto market cap now floats below 40%. The below table
shows the percentage of the total market cap that the top coins
occupy right now. BTC's share of the market cap has taken a hit of
0.76% over the past week | Source: The Arcane Research Weekly
Update - Week 2 Ethereum’s dominance has also dropped in the past
week, while smaller altcoins have enjoyed a larger percentage of
the market cap. BTC Price At the time of writing, Bitcoin’s price
floats around $41.9k, down 2% in the last seven days. Over the past
month, the crypto has dropped 10% in value. The below chart shows
the trend in the price of BTC over the last five days. BTC's price
has mostly moved sideways in the last few days | Source: BTCUSD on
TradingView Featured image from Unsplash.com, charts from
TradingView.com, Arcane Research
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