Bitcoin

<a href="https://blockchainreporter.net/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> is thriving once again as the asset has breached over $27K during the early European <a href="https://blockchainreporter.net/glossary/trading/" rel="noopener noreferrer nofollow">trading</a> session. As of the time of writing, BTC was trading at $26,144, representing a 6.5% increase in 24 hours. The market cap has also witnessed a 6.5% increase within the same period, taking it to $549,070,761,254  as of writing.Despite the surge, Bitcoin’s trading volume has registered a 6.80% decrease within the same period.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/272c90e349eb49e69ab79598c3d2af06.png" />Bitcoin 24-hour chart source: <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">CMC</a><h2 id="header-0">Why is Bitcoin dominating while altcoins face volatility?</h2>Bitcoin’s dominance in the cryptocurrency market can be attributed to several factors, including its large user base, strong security, high <a href="https://blockchainreporter.net/glossary/liquidity/" rel="noopener noreferrer nofollow">liquidity</a>, brand recognition, and continuous innovation. The network effect of Bitcoin creates a barrier to entry for new cryptocurrencies, and its decentralized <a href="https://blockchainreporter.net/how-can-features-of-blockchain-support-sustainability-efforts/" rel="noopener noreferrer nofollow">blockchain technology</a> provides users with confidence in the currency’s security. Bitcoin’s liquidity makes it a popular choice for traders and investors, and its well-known brand recognition gives it an advantage over other cryptocurrencies.Additionally, <a href="https://blockchainreporter.net/bitcoin-dominance-reclaims-june-2022-ath/" rel="noopener noreferrer nofollow">as earlier reported by Blockchainreporter</a>, The BTC dominance can also be attributed to the recent US banks’ saga which could be shifting investor confidence to digital gold.However, the <a href="https://blockchainreporter.net/market/" rel="noopener noreferrer nofollow">cryptocurrency market</a> is highly unpredictable, and there is no guarantee that Bitcoin will continue to dominate. New cryptocurrencies may emerge with features or advantages that make them more appealing to users and investors. Therefore, while Bitcoin currently dominates the cryptocurrency market, it is important to keep an eye on emerging cryptocurrencies and developments in the industry.

Bitcoin Reclaims 27K, a Bullish Call?

Table of Contents

BlockchainReporter

Other articles published on Mar 17, 2023

Euler Finance Attacker Transferred 100 ETH to Ronin Bridge Attacker - Coincidence or Connection?

Blockchain Could Soar Beyond 100,000 Transactions per Second With the Right Math

Kindly’s Audit & Compliance Process

Nifty News: Doodles 'no longer an NFT project,' Playboy bares all on NFT earnings and more

Bitcoin Price Prediction as Huge $75 Billion Trading Volume Floods In – Are Whales Buying?

Shido is locking up supply! Now over 28% Staked

Join our free newsletter for daily crypto updates!