Market Wrap: Bitcoin Little Changed as Analysts Remain Skeptical

Trading volume is increasing ahead of Wednesday’s Federal Reserve press conference.

Bitcoin dominance rises

Another sign of caution is the recent rise in bitcoin’s dominance ratio, which is BTC’s market capitalization relative to the total crypto market cap. Typically, a rise in the dominance ratio indicates a flight to safety among crypto traders as bitcoin is viewed as less risky than alternative cryptocurrencies (altcoins).

Altcoin roundup

  • Solana and Polkadot lead altcoin gains: Several major cryptocurrencies moved with bitcoin today and rose as high as 12%. Polkadot (DOT), Solana (SOL) and Avalanche (AVAX) were among the biggest gainers. The broader crypto market added 5% to the $1.76 trillion total market capitalization in the past 24 hours, according to CoinDesk’s Shaurya Malwa. Read more here.
  • Ethereum money markets see record liquidations as bitcoin-ether ratio hits three-month high: The bitcoin-ether ratio rallied to its highest level in three months on Monday, signaling continued bitcoin outperformance in the near term, according to Omkar Godbole. Ether’s recent sell-off triggered liquidations of collateral locked in prominent Ethereum-based lending and borrowing protocols such as AAVE, Compound and MakerDAO. MakerDAO alone made more than $15 million in liquidation penalty fees. Read more here.
  • Fantom transactions surpass Ethereum as users look to farm yields: Transactions on the Fantom blockchain exceeded those of Ethereum for the first time ever on Monday as investors seek new avenues to farm yields and accrue value. In the past 24 hours, more than 1.2 million transactions were processed on the Fantom network. That was slightly higher than Ethereum’s 1.1 million transactions. Read more here.

AEX Operation Team

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