Bitcoin Dominance Hits 55% as Crypto Market Struggles to Recover Convincingly

Subsequent to recording the steepest daily drop in valuation in recent years, the crypto market has struggled to rebound in a convincing manner, pushing the dominance index of Bitcoin further up. Throughout the past 24 hours, the dominance index of Bitcoin achieved 55 percent, its highest point since December of last year. As tokens lost out largely against Bitcoin, the dominance index of the cryptocurrency increased significantly over the past few days, from 51 percent to 55 percent.

While the crypto market has avoided a drop below the $200 billion mark to its yearly low at $192 billion, Bitcoin and the rest of the market are still in a steep downward trend, with little to no support in mid-$6,000. Yesterday, on September 6, CCN reported that the announcement of Goldman Sachs, the $90 billion US-based investment bank, to supposedly pivot away from Bitcoin trading desk operation to crypto custody had no impact on the price of Bitcoin.

Hours after the report of CCN was released, Goldman Sachs chief financial officer Martin Chavez officially refuted the reports that Goldman Sachs is delaying the launch of its Bitcoin trading operation, characterizing the reports as fake news. If Bitcoin fails to break out of the $7,000 resistance level in the next 24 to 48 hours to completely reverse its fall from the $7,400 mark, then it is highly likely that Bitcoin will test the $6,000 resistance level once again in the upcoming days, as it has done in April, June, and August.