Decoupling and Macro Tensions

Bitcoin’s drop to the $100,000 zone sparked speculation of a buying opportunity, while the Israel-Iran war heightened market fear, acting as a significant barrier.

Even Arthur Hayes, the former CEO of #BitMEX, called it an opportunity to buy the dip.

An anonymous whale accumulated $113 million in Ethereum (ETH) as the token’s price hovered around $2,200, strengthening the discussions about a price rebound, which consequently happened a day later.

$BTC $106 070 gained 3% in 24 hours and is trading at $105,000. $ETH $2 448 rose 5% and is currently hovering at $2,380.

The fear and greed index rose back from 37 (fear zone) to 47 (neutral zone) over the past day, according to data from CoinMarketCap.

The global #cryptocurrency market cap has returned to $3.25 trillion for the first time since June 20.

On the other hand, Bitcoin is showing clear signs of decoupling from the broader crypto market, especially low-cap altcoins.

CMC data shows that the BTC market dominance rose 1.1% to 64.5% while ETH remained at 8.9%. Following Bitcoin’s rise, the altcoin, excluding ETH, market share declined to 26.6%.

In late June 2024, Bitcoin’s market dominance was at 53%. This shows the digital gold has slowly been decoupling from the broader market while trying to cement its position as a store of value.