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Bitcoin Leads the Market as Ethereum Slides Below EMA Levels
The cryptocurrency market is witnessing a stark contrast in the performance of its two largest players – Bitcoin and Ethereum. As we speak, Bitcoin remains firm near $103K, while Ethereum has slid below its key EMA levels.
According to data obtained on June 21, Bitcoin (BTC) continued to defy expectations by maintaining its dominance above the critical $103,000 level. This significant milestone marks a gain of 0.44% for the digital asset, which now holds an impressive market capitalization share of 65.07%. In stark contrast, Ethereum’s (ETH) performance paints a far bleaker picture.
ETH, as seen in our analysis today, closed at $2,438.46 with a modest 1.33% intraday gain, but this comes at the expense of significant loss in market capitalization dominance. As we can see from the updated figures, ETH’s dominance slipped below its 9-day EMA and currently stands at 9.30%, a clear indication that it is struggling to regain momentum.
Market observers are keenly monitoring developments as Bitcoin (BTC) continues to assert its strength near $103K. A move above this level could potentially validate the ongoing uptrend, which would further solidify the asset’s position in the market. Conversely, a failure to break through the $106,000 resistance may lead to some serious correction.
In the meantime, Ethereum’s (ETH) plight is quite grim. The 21-day EMA has been suppressing ETH’s price for over two weeks now, indicating that buyer sentiment has all but disappeared. As we mentioned in our previous analysis, any failure to reclaim $2,600 could have far-reaching consequences for this once-mighty asset.
In conclusion, it seems that Bitcoin is currently leading the market charge while Ethereum continues to slide below key EMA levels.
Source: cryptotale.org
