Frank Chaparro, news director of The Block, bitcoinHe thinks that . is no longer leading the market as before.
Chaparro stated that Bitcoin price (BTC/USD) does not have the old domain, that volatility in the crypto market in previous years was often triggered by volatility in BTC prices, but this is no longer the case.
The recent bearish trend across the broad cryptocurrency market has been attributed to a recent announcement from the US Federal Reserve. Currently, the total cryptocurrency market cap is around $1.99 trillion, with a peak in November, which was announced as $3 trillion. Frank Chaparro stated that these sales came after the news that the FED would raise interest rates.
On the other hand, stating that while most cryptocurrencies are at the bottom, some coins are still recording an increasing number of entries, Chaparro cited Solana as an example of this situation. He pointed out that the demand for Solana has increased significantly over the past week.
Chaparro, who added that the NFT sector also gained value despite the stagnation in the wide market, also stated that there was a significant increase in monthly transaction volumes in OpenSea, the largest NFT market.
Despite Everything, Bitcoin’s Greatness Is Undeniable!
Still, Chaparro believes that the Bitcoin price still has the potential to suppress or fuel the growth of the cryptocurrency industry. He noted that hedge funds and other institutions turned to crypto investments during a Bitcoin bull run, but not when prices fell to the current $40,000 levels.