{"id":467809,"date":"2021-07-20T22:00:09","date_gmt":"2021-07-20T22:00:09","guid":{"rendered":"https:\/\/uniquehot.com\/?p=467809"},"modified":"2024-06-11T09:34:21","modified_gmt":"2024-06-11T09:34:21","slug":"why-bitcoin-markets-best-performer","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/why-bitcoin-markets-best-performer\/","title":{"rendered":"After 3 Months In The Red, Why Bitcoin Is The Crypto Market&#8217;s Best Performer"},"content":{"rendered":"<p><a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-crashes-below-30000\/\" target=\"_blank\" rel=\"noopener \">Bitcoin broke below its support zones and trades around its yearly open after another massive selloff.<\/a> At the time of writing, the first cryptocurrency by market cap trades at $29,605 with an 11.2% loss in the weekly chart.<\/p>\n<figure id=\"attachment_467835\" aria-describedby=\"caption-attachment-467835\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-467835 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/07\/Bitcoin-BTC-BTCUSD-11.png?resize=860%2C512\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"512\"><figcaption id=\"caption-attachment-467835\" class=\"wp-caption-text\">BTC moving sideways on its yearly open in the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>The crypto market has followed Bitcoin, except for a handful of coins, and the top ten sit on more pronounced losses.<\/p>\n<p>For three consecutive months, BTC and major cryptocurrencies have been in the red. May and June saw two capitulation events that pushed BTC\u2019s price below its current levels. Hence why so many investors and traders expect further downside to consolidating a third and possibly final capitulation.<\/p>\n<p>The weeks leading to the most recent crash saw<a href=\"https:\/\/uniquehot.com\/analysis\/eth\/ethereum-breaks-key-support-1800\/\" target=\"_blank\" rel=\"noopener \"> Ethereum (ETH) outperforming Bitcoin (BTC)<\/a>. The second cryptocurrency by market cap rose from around $1,600 to $2,390 before retracing to current levels.<\/p>\n<p>However, a recent <a href=\"https:\/\/twitter.com\/ArcaneResearch\/status\/34181390\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a> by Arcane Research concluded that BTC remains the best performer in the crypto market. In consequence, the BTC Dominance has increased as altcoins are pushed further down their support levels.<\/p>\n<p>As seen below, the Bitcoin Dominance stood at 46.92% by the time the report was published with ETH following with a 16.96%. USDT (5.12%), BNB (3.72%), <a href=\"https:\/\/uniquehot.com\/news\/cardano\/cardano-launches-charity-platform\/\" target=\"_blank\" rel=\"noopener \">ADA<\/a> (2.86%) taking on XRP (2.05%) and <a href=\"https:\/\/uniquehot.com\/news\/dogecoin\/elon-musks-spikes-dogecoin-price\/\" target=\"_blank\" rel=\"noopener \">DOGE <\/a>(1.82%) positions.<\/p>\n<figure id=\"attachment_467836\" aria-describedby=\"caption-attachment-467836\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-467836 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/07\/Bitcoin-BTC-BTCUSD-17.jpg?resize=860%2C494\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"494\"><figcaption id=\"caption-attachment-467836\" class=\"wp-caption-text\">Source: Arcane Research<\/figcaption><\/figure>\n<p>The chart shows that Bitcoin retraces around 11.2% since the beginning of July 2021. Cryptocurrencies with large market caps saw the less severe drops with only 18.5% closely followed by small-cap tokens with 19.6%. Mid-cap cryptocurrencies took the biggest fall with a 22.4% drop. Arcane Research said:<\/p>\n<blockquote><p>(\u2026) All indexes have now seen considerable negative monthly returns three months in a row. In May, all indexes saw negative returns of around 30%. In June, the monthly returns ranged between -5% for bitcoin to\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -28% for the Small Cap Index. This month, we\u2019re currently on the path towards another month of substantial negative returns for the broad crypto market.<\/p><\/blockquote>\n<h2>Bitcoin Derivatives Experience Rise In Open Interest<\/h2>\n<p>Arcane Research also registered a decline in volatility for the 7-day chart. This metric stood at 1.68%. The last time Bitcoin experience such low volatility was in October 2020.<\/p>\n<p>Conversely, the BTC-based derivatives have seen an increase in Open Interest (OI). The Bitcoin futures have been playing a major role in the market\u2019s dynamics. The first capitulation event was preceded by a high OI with a spike in liquidations when BTC turn to the downside.<\/p>\n<p>This metric was on a decline but is moving towards April and May highs, Arcane Research said, with 395,000 BTC. This represents a 95,000 BTC increase since OI touched a bottom at the end of May.<\/p>\n<figure id=\"attachment_467834\" aria-describedby=\"caption-attachment-467834\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-467834 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/07\/Bitcoin-BTC-BTCUSD-16.jpg?resize=860%2C707\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"707\"><figcaption id=\"caption-attachment-467834\" class=\"wp-caption-text\">Source: Arcane Research<\/figcaption><\/figure>\n<p>In the coming weeks, the market could see further movement due to the recovery in the Bitcoin hashrate and the implementation of <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-miners-revolt-over-eip-1559-how-will-eth-price-react\/\" target=\"_blank\" rel=\"noopener \">Ethereum\u2019s EIP-1559 with the London Hardfork.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin broke below its support zones and trades around its yearly open after another massive selloff. At the time of writing, the first cryptocurrency by market cap trades at $29,605 with an 11.2% loss in the weekly chart. The crypto market has followed Bitcoin, except for a handful of coins, and the top ten sit on more pronounced losses. For three consecutive months, BTC and major cryptocurrencies have been in the red. May and June saw two capitulation events that pushed BTC\u2019s price below its current levels. Hence why so many investors and traders expect further downside to consolidating a third and possibly final capitulation. The weeks leading to the most recent crash saw Ethereum (ETH) outperforming Bitcoin (BTC). The second cryptocurrency by market cap rose from around $1,600 to $2,390 before retracing to current levels. However, a recent report by Arcane Research concluded that BTC remains the best performer in the crypto market. In consequence, the BTC Dominance has increased as altcoins are pushed further down their support levels. As seen below, the Bitcoin Dominance stood at 46.92% by the time the report was published with ETH following with a 16.96%. USDT (5.12%), BNB (3.72%), ADA (2.86%) taking on XRP (2.05%) and DOGE (1.82%) positions. The chart shows that Bitcoin retraces around 11.2% since the beginning of July 2021. Cryptocurrencies with large market caps saw the less severe drops with only 18.5% closely followed by small-cap tokens with 19.6%. Mid-cap cryptocurrencies took the biggest fall with a 22.4% drop. Arcane Research said: (\u2026) All indexes have now seen considerable negative monthly returns three months in a row. In May, all indexes saw negative returns of around 30%. In June, the monthly returns ranged between -5% for bitcoin to\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -28% for the Small Cap Index. This month, we\u2019re currently on the path towards another month of substantial negative returns for the broad crypto market. Bitcoin Derivatives Experience Rise In Open Interest Arcane Research also registered a decline in volatility for the 7-day chart. This metric stood at 1.68%. The last time Bitcoin experience such low volatility was in October 2020. Conversely, the BTC-based derivatives have seen an increase in Open Interest (OI). The Bitcoin futures have been playing a major role in the market\u2019s dynamics. The first capitulation event was preceded by a high OI with a spike in liquidations when BTC turn to the downside. This metric was on a decline but is moving towards April and May highs, Arcane Research said, with 395,000 BTC. This represents a 95,000 BTC increase since OI touched a bottom at the end of May. In the coming weeks, the market could see further movement due to the recovery in the Bitcoin hashrate and the implementation of Ethereum\u2019s EIP-1559 with the London Hardfork.<\/p>\n","protected":false},"author":535,"featured_media":467810,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-467809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>After 3 Months In The Red, Why Bitcoin Is The Crypto Market&#039;s Best Performer<\/title>\n<meta name=\"description\" content=\"Bitcoin broke below its support zones and trades around its yearly open after another massive selloff. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/uniquehot.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"After 3 Months In The Red, Why Bitcoin Is The Crypto Market's Best Performer","description":"Bitcoin broke below its support zones and trades around its yearly open after another massive selloff. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"After 3 Months In The Red, Why Bitcoin Is The Crypto Market&#8217;s Best Performer","url":"http:\/\/uniquehot.com\/news\/why-bitcoin-markets-best-performer\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/why-bitcoin-markets-best-performer\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/07\/Bitcoin-BTC-BTCUSD-15.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/07\/Bitcoin-BTC-BTCUSD-15.jpg?fit=830%2C553"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-07-20T22:00:09Z","datePublished":"2021-07-20T22:00:09Z","dateModified":"2024-06-11T09:34:21Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"After 3 Months In The Red, Why Bitcoin Is The Crypto Market&#8217;s Best Performer\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-bitcoin-markets-best-performer\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-bitcoin-markets-best-performer\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/Bitcoin-BTC-BTCUSD-15.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/Bitcoin-BTC-BTCUSD-15.jpg?fit=830%2C553\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-07-20T22:00:09Z\",\"datePublished\":\"2021-07-20T22:00:09Z\",\"dateModified\":\"2024-06-11T09:34:21Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/07\/Bitcoin-BTC-BTCUSD-15.jpg?fit=830%2C553","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/467809"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=467809"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/467809\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/467810"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=467809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=467809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=467809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}