BTC price crashes 20%, hash rate down over 5%

Bitcoin – the largest crypto by market capitalization in the crypto market is well known for many other things. The grandfather of cryptos, which has the largest trading volumes in the market too. According to CoinMarketCap, Bitcoin’s 24 hour trading volumes stand at about $108 billion as of writing! To understand the scale, Ethereum, which is the second largest crypto by market cap has a 24-hour trading volume of about $40 billion as of writing. The only other crypto that has a trading volume above Bitcoin is Tether (USDT) – which is a stablecoin used to trade in various cryptos, hence doesn’t really qualify.

Thus in conclusion from the above observations, we can say that Bitcoin’s current situation looks very bearish as of now, thanks to the negative funding rates, extreme spike in volatility and a slightly falling hashrate. Extreme fear still persists in the market, but it is mainly still an aftereffect of the bear run that Bitcoin has faced since the beginning of the year. And along with that, its dropping market cap dominance suggests that BTC price action will have slightly less effect on the broader market and thus signal the oncoming of the highly anticipated altcoin season.

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