The Bitcoin price (BTC/USD) rally has stalled near the $10,600 mark, but the original cryptocurrency’s share of the market keeps rising.
The digital coin had a rocky trading session yesterday, as it momentum started waning after five days of gains. The coin experienced a number of swing throughout the day, with its price mostly moving within the $10,450-$10,600 range. BTC spiked to a two-week high of $10,762.64 in the afternoon, but it quickly pulled back to lower levels. The No. 1 digital coin finished the session at $10,594.49, slightly below its opening price of $10,621.18.
Today’s trading session has been relatively quiet. While the coin has experienced a number of price fluctuations throughout the day, it has been stuck to a tight price range around the $10,600 mark.
Yesterday’s drop has coincided with a significant decrease in trading volumes. Around $16.7 billion worth of BTC coins changed hands yesterday, well below Bitcoin’s Tuesday trading volume of $19.4 billion. The coin’s 24-hour volume currently stands at $16.1 billion, which suggests that market activity remains weaker today.
Meanwhile, the Bitcoin dominance, an indicator that tracks BTC’s share of the of the overall crypto market has reached its highest level since March 2017, suggesting that the original crypto continues to outperform the altcoin market.
Today, VanEck Securities and SolidX Management are expected to start offering a Bitcoin ETF-like product to institutional investors. The firms’ plan was first reported by The Wall Street Journal on Tuesday, with VanEck clarifying in subsequent comments to Coindesk that the product “allows for shares to be created and redeemed like ETFs, but it is not an ETF”.
In today’s trading, the Bitcoin price stood at $10,574.41, as of 16:21 BST. The digital coin has gained nearly 1% in the past 24 hours. The coin’s total market capitalisation currently stands at $189.5 billion, which represents 71% of the combined value of all digital coins.
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