The dominant cryptocurrency weathered weaker than normal trading volume and a downtrend in price over the past 24 hours.
Bitcoin Falls Below $98K as Dominance Climbs
Bitcoin (BTC) is trading at $97,102 at the time of reporting, after fluctuating between $96,174.83 and $99,168.61 over the past 24 hours, according to data from Coin Market Cap. The cryptocurrency remains in a downtrend, slipping 0.94% over the last day and 8.33% over the past week, reflecting broader market uncertainty.
Despite the recent dip, bitcoin’s market capitalization stands strong at $1.92 trillion, maintaining its status as the dominant force in crypto. BTC dominance has surged to 61% according to Coin Market Cap, marking a 4.55% increase, signaling that investors are shifting capital away from altcoins and into bitcoin.
Futures Market and Liquidations
Bitcoin’s futures open interest remains substantial at $58.68 billion, though it saw a slight 1.40% decrease over the past 24 hours, according to Coinglass metrics. Meanwhile, bitcoin liquidations in the past day totaled $41.78 million, with $26.19 million coming from long positions and $15.59 million from shorts, indicating a somewhat cautious sentiment.
Weaker Trading Volume
Coin Market Cap data shows a 22% decline in bitcoin’s trading volume which dipped to $46.34 billion over the past 24 hours, suggesting weaker market engagement. But with BTC dominance rising and futures positions holding steady, traders are still watching key levels closely as the leading crypto asset navigates this period of volatility.