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Bitcoin has gained notable attention in the global economy following huge adoption by institutional investors and international recognition after El Salvador’s adoption as a legal tender.
Bitcoin price continued with its recent gains in the past 24 hours, with an increase of 1.2 percent. According to market data provided by TradingView and CoinGecko, Bitcoin (BTC) traded around $44k with some change tops. Following the recent mini pump, Bitcoin price is retesting a major consolidation level set in the past 7 days.
The leading digital currency has a market capitalization of approximately $837 billion. The average 24-hour volume oscillated around $18.5 billion.
Mark you, the total crypto market cap stands at around $2.08 trillion, a clear testimony of Bitcoin (Btc)’s greatness in the crypto world. According to metrics provided by Binance-backed Coinmarketcap, BTC’s dominance in the crypto market stands at 42 percent, while Ethereum takes the second position with a dominance of 18.9 percent.
The competition in the DeFi ecosystem continues with Ethereum leading the pack closely followed by Binance Smart Chain in terms of locked assets. Notably, Ethereum has a market cap of $376.63 billion while Binance enjoys a market cap of $72.4 billion. The latter has a market dominance of approximately 3.58 percent.
Most of the top altcoins reacted similarly to Bitcoin price action. Among the top altcoins that gained over 9 percent in the past 24 hours include Avalanche (AVAX) with 10.7 percent, Decentraland (MANA) with 9 percent, Theta Fuel (TFUEL) with 9.9 percent, and NEO (NEO) with 11.3 percent.
Bitcoin and Macroeconomic Factors
Bitcoin has gained notable attention in the global economy following huge adoption by institutional investors and international recognition after El Salvador’s adoption as a legal tender. From a negative perspective, more attention means more regulations which reciprocate to more hit by geopolitical uncertainty and differences.
As we speak, Russia and its neighbors are not on good terms, including NATO comprises the United States, Canada, and other nuclear military-equipped governments.
From a positive perspective, more institutional investors and regulations mean the industry grows immensely in the future. For instance, the older generation that was previously skeptical of crypto is venturing into blockchain-related businesses including the DeFi ecosystem, Metaverse, and the NFT market.
Large tech companies including Apple Inc (NASDAQ: AAPL) have shown interest in the metaverse sector through blockchain technology. Of note, Warren Buffett-backed Berkshire Hathaway Inc (NYSE: BRK) is a long-term investor in Apple with a market share stake of approximately 5.41 percent.
Most importantly, geopolitical tensions that affect the global fuel supply chain and electric production have an endpoint effect on Bitcoin through its hashrate.