Bitcoin dipped below $50,000 and was down about 4% over the past 24 hours.
For example, bitcoin’s market share relative to the overall crypto market share, or the BTC dominance ratio, fell to its lowest level since September, as shown in the chart above.
“Any sustained period when the share of BTC’s market cap fell below 40% was in January-March and April-June periods in 2018,” Alex Kuptsikevich, an analyst at FxPro, wrote in an email to CoinDesk.
equities spike above 0.6 the past few days alongside the sell-off in technology stocks last Friday,” Lennard Neo, head of research at Stack Funds, a crypto investment firm, wrote in a report on Thursday.
Solana’s SOL token is down about 19% over the past week, compared with a 12% drop in BTC and a 5% drop in ETH over the same period.
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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis.
Tracy Wang is a senior reporter at CoinDesk.
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