- Bitcoin’s attempt at recovery in the last 24 hours saw a minor setback with the current decline.
- A lot of BTC has now piled up with no buyers in sight.
Recently, Bitcoin’s [BTC] price has experienced a downturn, though there was an effort in the last trading session to narrow the gap.
Alongside the price slip over the past few days, the king coin’s market dominance has also diminished. Furthermore, as the price decreased, the Over the Counter (OTC) balances continued to rise.
BTC Dominance drops
Recently, Bitcoin’s dominance in the cryptocurrency market has seen a notable decrease as it struggled to maintain its value.
AMBCrypto’s analysis showed that at the end of the trading session on the 24th of June, BTC dominance was above 54%.
However, by the end of the next day, the 25th of June, it had fallen to around 52.28%.
This rapid decline within 24 hours suggested that while Bitcoin was losing value, some altcoins were performing relatively better and gaining market share.
Source: CoinMarketCap
As of this writing, BTC dominance has experienced a slight decrease, but still hovered around the 53% mark.
This level of dominance indicated that Bitcoin still accounted for over half of the total cryptocurrency market capitalization.
Bitcoin dominance vs. other assets
Bitcoin’s market cap stood at over $1.2 trillion at press time, with the total crypto market cap at approximately $2.27 trillion.
Ethereum [ETH] has the second-largest market dominance, making up almost 18% of the total market cap.
The analysis showed that changes in BTC’s price and performance can significantly impact the distribution of market capitalization among various cryptocurrencies.
More Bitcoin hits reserves
According to recent data from CryptoQuant, there has been a noticeable increase in the volume of Bitcoin held in Over the Counter (OTC) reserves.
Over the last six weeks, more than 103,000 BTC, valued at over $6 billion based on current prices, have been added to these reserves. This accumulation indicated a significant rise in the OTC reserve balance.
The continuous increase in OTC reserves suggested a lack of buyers at the moment, which could be attributed to the recent decline in Bitcoin’s price.
This fall in price may be deterring potential buyers, leading to the accumulation of the reserves.
Read Bitcoin’s [BTC] Price Prediction 2024-25
The dynamics between the falling price and the increasing OTC reserves highlight the cautious stance of larger market participants during periods of price volatility.
As of this writing, Bitcoin was trading at approximately $61,680 on a daily time frame chart. It was trading with a minor decline of less than 1%.
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