Crypto

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Bybit: BTC Market Cap Dominance Reaches New Lows; Final Countdown to The Merge Begins
07/09/2022 15:14

Bybit: BTC Market Cap Dominance Reaches New Lows; Final Countdown to The Merge Begins

Chart of the Day 

The broader market tanked on Tuesday as anxieties over macroeconomic uncertainty gained the upper hand, pushing the price of major cryptocurrencies below key support levels. As of the time of writing, BTC is approaching new cycle lows after shedding 5.3% of its market value in the last 24 hours. On the upside, the largest cryptocurrency by market cap is facing resistance near the $19k to $19.5k zone. Failure to rise above this resistance zone may lead to further downside correction to test support near the $18.5k level. Bybit blog reports.

In the derivatives market, the magnitude of liquidations remains limited as investors have already braced for potential sharp declines due to dampened sentiments in the market. In the options market, the skyrocketing implied volatility and the plummeting skew both point to an even grimmer market outlook. Meanwhile, BTC’s market cap dominance has dropped to levels last seen in 2018. Although it is still too soon to draw a conclusion, the current bear run resembles the previous two cycles in both duration and depth of drawdowns.

ETH plummeted alongside BTC after rallying in the early hours of Tuesday. The second-largest cryptocurrency by market cap is now changing hands just above the $1,500 handle, after experiencing an 8% setback in the same period. The imminent shift toward an energy-efficient Proof of Stake (PoS) consensus amid the global energy crisis did not seem to bring sufficient momentum to lift the broader crypto market. Most major altcoins are submerged in a sea of red, with ETC leading the plunge on a double-digit percentage loss in a similar time frame.

Talk of the Town 

Bybit: BTC Market Cap Dominance Reaches New Lows; Final Countdown to The Merge Begins 1

The much-anticipated Merge is officially underway after the activation of the Bellatrix upgrade on the Beacon Chain, marking the beginning of the final stage of Ethereum’s transition to a proof-of-stake consensus. The Bellatrix upgrade prepares the Consensus layer for The Merge with the Execution layer. The Terminal Total Difficulty (TTD) value triggering The Merge has been set, and is expected to be reached between Sept. 13 to 16. Despite some initial technical hiccups, Ethereum developers celebrated the successful execution of the Bellatrix upgrade, and declared full steam ahead for the ultimate Merge.

Crypto & blockchain articles are created with the support of ByBit – leading crypto platform.

Bybit

AMD Rates
10:30 29/11 Buy Sell
AMD / USD 402.00 405.00
AMD / EUR 440.00 445.00
AMD / RUR 4.50 4.62
dollars
dollars
CBA Rates
29/11/2023
USD / AMD
402.50
+0.21%
EUR / AMD
441.78
+1.19%
RUR / AMD
4.52
-0.02%
GBP / AMD
510.53
+2.24%
Cryptocurrencies
10:30 29/11
BTC/AMD
15,295,605
+2.81%
BTC/USD
38021.34
+2.81%
ETH/USD
2052.62
+2.22%
BCH/USD
223.35
+1.15%
XRP/USD
0.610833
+2.23%
LTC/USD
69.73
+2.29%
BNB/USD
229.54
+1.91%
DOGE/USD
0.080884
+4.43%
ETH/BTC
0.05398609
-0.58%
BCH/BTC
0.005874344
-1.61%
XRP/BTC
0.000016066
-0.56%
LTC/BTC
0.001834027
-0.51%
BNB/BTC
0.006037267
-0.87%
DOGE/BTC
0.000002127
+1.58%
CBA Metals
29/11/2023
dram / gram
Gold
26213.28
+168.24%
Silver
318.99
-1.19%
FOREX
10:06 29/11
EUR/USD
1.0997
+0.41%
GBP/USD
1.2707
+0.64%
USD/JPY
147.19
-0.69%
EUR/GBP
0.8651
-0.23%
Oil
10:06 29/11
$ / barrel
Brent
81.67
+1.78%
Light Sweet
76.57
+1.96%
COMEX
10:06 29/11
$ / tr. oz
Gold
2045.00
+1.49%
Silver
25.02
+1.58%
Platinum
946.40
+2.62%
LME / 3M
10:06 29/11
$ / tonne
Aluminium
2209.00
-0.56%
Copper
8384.00
-0.06%
Nickel
16650.00
+3.67%
Tin
23300.00
-2.00%
Lead
2151.00
-1.06%
Zinc
2534.00
-0.67%
Molybdenum
55630.00
+0.00%
Cobalt
33420.00
+0.00%
Indexes
10:06 29/11
point
Dow Jones
35416.98
+0.24%
S&P 500
4554.89
+0.10%
NASDAQ
14281.76
+0.29%
FTSE
7455.24
-0.07%
CAC 40
7250.13
-0.21%
DAX
15992.67
+0.16%
RTSI
1128.61
-0.30%
Nikkei
33321.22
-0.26%
Topix
2364.50
-0.51%
Hang Seng
16993.44
-2.08%
SSEC
3021.69
-0.55%
CBA Interest Rates
26/03/2020
Refinancing
Refinancing Rate
9.50
+0.00%
Lombard Repo
Lombard Repo Rate
11.00
+0.00%
Deposit
Deposit Rate
8.00
+0.00%
Macroeconomy
09/2023
CEA
Coefficient of Economic Activity
+8.90%
Ind. Prod. 3
Volume of Industrial Production
1,843.0
-0.6%
Export 1
Export
5,251.4
+48.5%
Import 1
Import
8,488.1
+46.40%
CPI
Consumer price index
+2.8
Avg. Salary 2
Average salary
262,789
+16.6%
Services 3
Volume of services
2,216.1
+13.4%
Construction 3
Volume of construction
349.31
+17.0%
1 - mln AMD, 2 - AMD, 3 - bln AMD