Bitcoin Under Pressure as Focus Shifts on Wild Crypto Rivals

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Bitcoin has every reason to continue its upside rally for the rest of this week, ranging from Tesla’s $1.5 billion investment to Twitter’s consideration of holding it. Nevertheless, the flagship cryptocurrency is going down. The BTC/USD exchange rate corrected sharply after hitting its record high of $42,000 on Tuesday, pointing to a spike in profit-taking sentiment among daytraders. As of Thursday, the pair was down by more than 8.5 percent from its local top, albeit sustaining its long-term bullish bias. Its correction largely coincided with a drop in Bitcoin Dominance Index, a metric that calculates Bitcoin’s market share against the entire cryptocurrency market, which includes large-cap digital assets like Ethereum, XRP, Binance Coin, and Cardano. On Tuesday, the index was as high as 64.76 percent. It turned lower to 61.48 percent on Thursday. Bitcoin Dominance Index drops amid altcoin boom. Source: BTC.D on The reasons were visible in the…

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