Santiment (@santimentfeed), the esteemed blockchain analytics firm, released its latest recap report via Twitter this morning. The report delves into the underwhelming performance of the altcoin market, following the impressive 26% surge of the crypto market leader, Bitcoin (BTC), over the past 30 days.
The report indicates that the crypto markets experienced a period of volatility during the initial days of March, largely due to the turmoil of Silicon Valley Bank and the general banking sector. This event caused a ripple effect across all investment markets, causing investors’ concerns. The ongoing interest rate hikes and uncertain economic conditions also contributed to one of the most challenging bear markets for crypto traders.
Despite recent fluctuations, the crypto market remains in a bearish cycle, as evidenced by the past 24 hours. According to CoinMarketCap, the global crypto market cap has decreased by 2.43% during this time, resulting in a combined market cap of approximately $1.16 trillion. These figures indicate that caution and strategic planning are necessary for those involved in the crypto industry.
In the past 24 hours, the top 10 cryptocurrencies by market capitalization have all suffered losses, with Bitcoin (BTC) being no exception. BTC’s value has decreased by 2.62%, causing a shift in the weekly price performance to a negative 0.28%. Consequently, the current trading price for BTC stands at $27,673.56 at the time of writing.
Over the past 24 hours, the altcoin market has exhibited a notable surge in strength against BTC. This can be attributed to BTC’s recent price drop, which has caused a slight dent in its market dominance. BTC’s dominance is 46.20%, marking a 0.17% decline in the last day.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
