Range-bound Bitcoin Hovers Below $58,000 to Start May

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Created by TradeOr

3rd Party Analysis 04 May 2021

Key Takeaways

  • Bitcoin dominance declines to 46% as altcoins make a move
  • BTC price remains subdued for a third-straight day

Range-bound Bitcoin Hovers Below $58000

Bitcoin has been pinned below the $58,000 mark as other cryptocurrencies make a run toward new highs, including Ethereum, the second-biggest digital asset. Indeed, Bitcoin on Monday couldn’t finish the session in positive territory as the price slipped 0.4% to end the day at $56,750 per coin. On Tuesday, in the early trading hours, the number one crypto token remains under pressure for a third consecutive day. Once again, Bitcoin slipped today to a session low of $56,200. However, BTC investors were quick to buy the dip and the immediate buying momentum lifted the price to current levels around $56,800.

Disappointing performance in Bitcoin has been defining the first trading days in May. Arguably, for positive reasons for the whole cryptocurrency market. Bitcoin’s market dominance continues to slip and is now around 46%. Current market share of bitcoin was last seen during the retail-fueled crypto market rally in mid-2018.

The current market environment has lifted other crypto assets to record highs. Ethereum today broke $3,450 as the token has been hitting full steam for the past nine days, realizing a gain of nearly 60%. For the past couple of months, crypto market participants have been seeing an increased growth rate in the altcoin market, which has advanced roughly 120% since March. The overall cryptocurrency market now stands at a valuation of $2.3tn, of which bitcoin holds around $1tn.

Revolut Roll-Out

The price of bitcoin remained steady below the $58,000 level this week even as the digital bank Revolut announced it now supports Bitcoin withdrawals. The banking app officially rolled out the feature to its premium account holders in the UK.

The withdrawal option allows users to move Bitcoin from the Revolut account into Bitcoin wallets. Nonetheless, there are limitations, including a maximum of three addresses and up to £1,000 per month. The move, even though relatively small, leaves competitors behind, as PayPal and Robinhood are yet to offer this feature.

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