Bitcoin Continues to Attract Big Bucks Amid Market Dominance Decline
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The world’s largest cryptocurrency, Bitcoin (BTC), is reported to have attracted about $442 million in BTC-related investments over the last week.
According to the weekly digital asset fund flows report by CoinShares, the total inflow of capital into the crypto space peaked at $489 million at the end of April, a two-month high. As expected, a large percentage of that capital inflow went to Bitcoin-related products.
CoinShares also noted that Ethereum-related investment products are gaining more investment appeal. The company reported that ETH attracted about $30 million worth of investment inflows last week, bringing the total Ethereum investment products under management to a record high of $13.9 billion.
Meanwhile, despite a relatively slow week for the benchmark cryptocurrency, a significant jump in the cryptocurrency’s on-chain activity got recorded. Earlier this week, Bitcoin whales reportedly recorded its highest single-day growth in new addresses.
The official Twitter page of Santiment, an on-chain crypto analytics platform, recently tweeted that:
“Bitcoin has slid these past couple of days, but as the crowd shows mild concern, new whale addresses have been created. The number of 1,000+ BTC addresses has jumped back to 2,234, with the largest single-day growth in new addresses (7) since March 31.”
Nonetheless, the market dominance of Bitcoin continues to slide because of the exponential growth getting recorded in the altcoin space, including Ethereum, Binance Coin, Dogecoin, Ripple, and many others.
Key BTC Levels to Watch — May 6
Bitcoin traded in a haphazard pattern yesterday, all while still maintaining a bullish momentum. The primary cryptocurrency posted a healthy rebound from the $53,400 support area to the $56,300 price level. Shortly after that, we saw a massive plunge back to the $53,400 support, followed by an immediate spike to the $56,700 level.
Subsequently, BTC peaked at $58k, where supply flooded the market, sending it into a range-bound momentum between $57.5k and $56.7k. That said, the next price move for Bitcoin should get determined by the broader market sentiment.
Meanwhile, our resistance levels are at $57,500, $58,000, and $59,000, and our key support levels are at $56,700, $55,700, and $55,000.
Total Market Capitalization: $2.36 trillion
Bitcoin Market Capitalization: $1.06 trillion
Bitcoin Dominance: 45%
Market Rank: #1
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