May 19, 2024
Bitcoin's at $62,370, its Dominance Surges Ahead of Halving
Bitcoin price today

Bitcoin’s at $62,370, the Dominance Surges Ahead of Halving

Thursday, April 18, 2024: Bitcoin Price trades at $62,370. Bitcoin’s dominance in the cryptocurrency market has surged, fueled by the anticipation of the halving event and a general aversion to market risks. Despite experiencing a price correction, Bitcoin, the largest cryptocurrency by market value, was trading below $61,400 during Asian trading hours on Thursday, according to data. This decline reflects the broader sell-off in risk assets driven by challenging macroeconomic conditions.

Source: TradingView

Layer-1s and AI Tokens Face Significant Declines

While Bitcoin faces challenges, layer-1 tokens and altcoins have seen even greater declines. Leading layer-1 tokens such as Solana (SOL) have experienced drops of over 20% in the past week. Avalanche’s (AVAX) value has decreased by 26%, Cardano’s (ADA) by 23%, and Filecoin (FIL) by 30%. The downturn extends to Artificial Intelligence tokens, once highly favored in the market. Some of the largest AI tokens, including Render’s RNDR (down 13%) and Fetch.AI’s FET token (down 24%), have seen double-digit declines over the past week.

Halving Sparks Record Google Search Interest

Source: TradingView

Google search interest in the halving event has reached unprecedented levels in the lead-up to the event, surpassing search interest in the previous 2020 halving. This surge in interest reflects a broader curiosity and engagement with the cryptocurrency market. According to Google search trends data, search interest in the halving has exceeded that of Ethereum, Solana, or Dogecoin, indicating a heightened awareness and anticipation surrounding this halving event within the crypto community.

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