Bitcoin has continued its descent towards $40,000 proving that the reversal was only temporary. While there is not enough to rule out another recovery, the current trend does point to more downside before the digital asset can find its footing and recover above $44K. This hard-fought resistance point that the cryptocurrency had managed to beat is becoming more and more elusive. The decline is also apparent in the market dominance of the digital asset. Bitcoin which maintains a majority share of the crypto market continues to see fierce competition from other digital assets. As investors have moved towards altcoins for the gains, so have the market share gone with them. Bitcoin Market Dominance Declines Bitcoin had started out the year 2022 on a low note. It had been a hard month for the digital asset by that point and the effects from the December crash were still being felt across the market. Not only had the price of the digital asset taken a hit, but its market dominance had also suffered too, which saw it drop below 40% for the first tie in over six months. Related Reading | Top 5 Watershed Moments In BTC On-Chain Analysis’ History. Is Your Favorite In? It had quickly recovered after that but not by much. It had bounced up to a high of 43.46% at the beginning of the week following the market recovery. This would prove to be short-lived as altcoins once again mounted fierce competition. Networks like Ethereum and Solan...
