Weekly Update
The global crypto market cap is up by 3.14% to $934.78B at the time of writing this article. Over the past 24 hours, the overall volume of the cryptocurrency market has increased by 79.74% to $87.03B. This week has been volatile for cryptocurrency due to the reasons behind the current crash, with Bitcoin reaching a monthly low of $18,319.82 yesterday. Since then, the market appears to be reviving, with one of the highest percentage increases in trading volume this quarter.
DeFi’s total 24-hour volume is $4.79B, or 5.50% of the overall crypto market volume. All Stablecoin volume is currently $80.17B, or 92.13% of the 24-hour volume of the whole crypto market. DeFi’s and Stablecoin’s total 24-hour volume has also increased in comparison to last week.
Bitcoin was trading at about $19,599.49 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 40.18%, a decrease of 0.06% from the previous day.
Bitcoin Becomes Less Volatile Than Stocks
Bitcoin (BTC) has traded in tandem with stocks in recent months, as both asset classes have been battling prevailing macroeconomic factors such as skyrocketing inflation and interest rate hikes. However, Bitcoin’s volatility appears to be decreasing in comparison to traditional stocks, as the flagship cryptocurrency shows signs of decoupling from equities. Bitcoin’s lower volatility has emerged as a result of a strong dollar, which has caused global fiat currencies to lose value in comparison to the US currency. In this regard, the rising dollar, together with falling commodity prices, may have a negative impact on stock portfolios.
However, Bitcoin has remained stable, with investors in some regions turning to the asset as a hedge against skyrocketing prices through direct investment in coins or remote mining.
