Bitcoin Shows Resilience Compared to Broader Crypto Market Despite Sell-Off: Fineqia
Bitcoin has shown resilience in comparison to the broader digital assets market, maintaining a dominance metric of 55.3%, the highest level since April 2021.
In a recent note, Matteo Greco, a research analyst at digital asset investment firm Fineqia International, said that Bitcoin market cap dominance has hit its highest level in three years despite recent sell-offs and market volatility.
He also noted that trading volumes have remained robust.
BTC Spot ETFs recorded a weekly trading volume of approximately $16.2 billion, with an average daily volume of around $3.2 billion.
Since its inception, the cumulative trading volume stands at approximately $212 billion, with an average daily volume of roughly $3.3 billion.
Ending the week at around $65,650, BTC experienced a 5.3% decline from the previous week’s closing value of around $69,350.
The week witnessed notable volatility, particularly during the weekend, following a period of relative stability from Monday to Thursday.
On Friday, BTC faced a downturn, dropping to a low of $65,100.
The negative trend continued into Saturday, hitting a weekly low of approximately $60,650 before rebounding and concluding the week around $65,650.
The weekend’s price drop was attributed to geopolitical tensions in the Middle East.
However, market sentiment improved after an announcement of a temporary halt in hostilities among the involved nations.
Additionally, the upcoming halving, scheduled for the night between April 19th and 20th, has drawn attention.
Previous halving events have historically been followed by 9-12 months of upward trends, but they have also triggered short-term “sell the news” reactions before and after the event.
The short-term bearish
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