Bitcoin was trading marginally lower after breaching the $28,000 mark. At 14.15 hours ITS on Friday, the largest digital token was trading with small cuts of less than a per cent at $29,010.57.
According to the data from Coinmarketcap, the total market capitalization of the largest cryptocurrency dropped to $552.48 billion.
However, the volumes of the crypto behemoth rose 47 per cent in the last 24 hours as Bitcoins worth $42.7 billion exchanged hands during the period.
The data suggested that 19,050,606 Bitcoins are in circulation, which marks 91 per cent of the total possible supply of assets, capped at 21 million by its founder Satoshi Nakamoto.
The dominance of Bitcoin in the crypto cart hit a seven month high to 46.01 per cent. Experts expect the crypto cart to remain choppy and investors should hold onto their position.
Shivam Thakral, CEO, BuyUcoin, said that the crypto bear market is in for a long haul as the overall crypto market cap dropped sharply. Bitcoin is struggling for the $30,000 mark.
“It is important to note that crypto is not the only market in a bear phase, which is a result of several macroeconomic factors putting pressure on the traditional and crypto market across the globe,” he added.
Edul Patel, CEO and Co-founder of Mudrex, said that Bitcoin has been on a bearish consolidation since early April, and it has been trading in a tight range for the past few weeks.
It is currently trading at US$29,200, the lowest since January 2021, and is likely to break below the current level testing its support once again, he added.
