Cryptocurrency analysts name the main reason for bitcoin’s decline in price

The main cryptocurrency BTC $114,744.00 Mezo Wrapped BTC -0.10% Market capitalization $40.56 million VOL. 24 hours $1.66 billion is clearly in consolidation, despite the fact that last week applications for spot bitcoin ETFs were approved. Against this backdrop, bitcoin quotes instantly updated a global high of $ 49,000, but almost immediately experienced a deep drawdown. Crypto media experts at Cointelegraph suggest that this reaction is due to the fact that the market has already taken into account the emergence of industry-specific funds. Investors were counting on such prospects, which means that there was no global excitement.

It was also noted that the bitcoin dominance index is steadily declining. Over the past week, the index decreased from 54.56% to 51.14%. At the same time, most altcoins are showing steady growth. This state of affairs indicates that investors are redistributing capital in favor of alternative coins.

Cointelegraph experts noted that bitcoin ETFs have already attracted more than $ 1.25 billion. This should provide additional support to the flagship crypto asset. However, concerns are growing amid the steady growth of the BTC network’s hashrate. This may lead to the fact that at some point, miners will start selling coins more actively on the market. Eventually, this will have a negative impact on price dynamics.

Recently, crypto miners have transferred more than $ 1 billion worth of bitcoins to centralized platforms. This creates additional pressure from sellers. But despite the localized dip, bitcoin is still moving relatively steadily.

At the time of writing, the flagship crypto asset is trading at $ 42,658. The total number of coins circulating on the market is $ 836.1 billion. Traders made daily trading deals worth $ 24.3 billion. BTC’s market dominance is 49.7%, and the fear and greed index is at 63 points.