Bitcoin Falls Below $60K Again, Open Interest Hits $365M Amid Market Speculation
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Bitcoin (BTC), the world’s leading cryptocurrency, dipped below the $60,000 mark after a brief rally, hitting an intra-day low of $58,730.
At the time of writing, it was trading around $59,000. The global crypto market capitalization stands at $2.1 trillion, marking a 1.97% decline over the past 24 hours.
Interestingly, Bitcoin’s open interest surged to $365 million ahead of the November 4 U.S. presidential election, signalling significant speculation on its impact on the digital asset’s future performance.
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1) BTC has pumped nearly 3.3% since last night, with strong spot buys initially driving the move. However, open interest (OI) has since surged significantly, rising by over 7%,… pic.twitter.com/wtfFdJiJup
Bitcoin’s market dominance has surged from 38.7% in November 2022 to 56.2% in August 2024, reflecting a growing preference among investors for Bitcoin as a safer investment during uncertain times.
This increase in Bitcoin’s dominance has led to a decline in the market shares of other cryptocurrencies:
BREAKING: Bitcoin Gains Dominance in the Cryptocurrency Market#Bitcoin #BTC $BTC
This trend indicates that investors are increasingly moving their money from riskier assets, such as altcoins and stablecoins, to Bitcoin, which is viewed as more stable and secure.
The rise in Bitcoin’s market dominance highlights its growing appeal as a safe-haven asset, particularly in volatile markets, while other cryptocurrencies struggle to
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