BTC Dominance Levels Sink, Crypto Markets Rebound, Bitcoin Price Consolidates

Bitcoin's price has fallen by about 8% in the last seven days, but it began to recover during Friday's mid-afternoon trading sessions. Bitcoin is currently trading for between $54,400 and $54,800 per unit, with a market capitalization of $1.02 trillion. On Saturday morning, the total market capitalization of all 8,500+ coins in existence was about $1.59 trillion.

After plunging from $57,207 to $50,360 on Thursday, Bitcoin (BTC) prices have seen some recovery. BTC is up over 3% today, but down 5% for the week ending March 27, 2021. The total market capitalization of all other coins is about 59.3 percent, with ethereum (ETH) accounting for 11%.

Bitcoin is now up over 16% for the month, 109 percent for the last three months, and 763 percent for the year against the US dollar.

Tether (USDT) is the most common trading pair with Bitcoin (BTC), accounting for 55 percent of all trades. The USD (16.85%), the BUSD (5.92%), the JPY (4.19%), the EUR (3.84%), and the KRW (3.84%) are the next most common currencies (2.38 percent ).

The cryptocurrency community was ecstatic to learn this week that Elon Musk announced that Tesla, the electric car company, would now accept Bitcoin for purchases. Nick Jones, the CEO of Zumo, a digital wallet and payments network, predicts that more companies will follow Tesla's lead.

“We're ecstatic to hear that Tesla is now accepting Bitcoin as payment for their products,” Jones said. “The increased institutional investment in cryptocurrency and consumer interest from such brands is a crucial indicator of not only its long-term importance but also its current relevance. I expect more brands to follow suit, given that over half of UK crypto owners have purchased this currency in the last six months,” the Zumo CEO added.

Ethereum (ETH), the second-largest crypto asset by market capitalization, is currently trading for $1,686 per share, up over 3% today. Tether is behind ETH, and Binance Coin (BNB) is in fourth place, trading for $254, up 2.5 percent in the last 24 hours.

Bitcoin cash (BCH) is currently ranked 11th on the market, with a price of $495 per BCH. The cryptocurrency is up 0.64 percent today, down 6% for the week, up 0.21 percent in the last 30 days, and up more than 48 percent in the last three months.

Chatcoin (CHAT) and stakenet (STN) are the top two gainers today (XSN). Selfkey (KEY) and cortex were the top two losers on Saturday morning (CTXC).