The the most important cryptocurrency by market cap, has been battered this yr following an enormous market sell-off and the hovering world economic system. Now buying and selling at a value 70% decrease than its November 2021 all-time excessive of $69,044.77.
The US Fed has been elevating rates of interest a number of occasions this yr so as curb inflation, which at the moment is at a four-decade excessive.
The world inventory markets reacted sharply to the announcement, however the influence was extra pronounced within the crypto market. Solana and Avalanche, different main cryptocurrencies, have been additionally down 13 and 20 per cent within the final seven days.
The market dominance of Bitcoin has nonetheless stayed quite fixed. It continues to carry over 39 p.c share within the complete crypto market, whereas Ethereum holds almost 19 p.c of the overall market share.