Bitcoin has now seen its prices drop following the El Salvador Bitcoin law. The lightning crash that freed at least $ 400 billion of the total crypto market cap has left lingering effects on the price of digital assets. The price had plunged from $ 50,000 to $ 42,000 in less than an hour, causing an 18% loss in about 30 minutes. While bitcoin has since recovered from its lows since the crash, the asset has not been able to return to previous levels before the crash.
Although the crash affected most of the market, it is mid-cap coins that are the best.x discounts. The Mid Caps Index had actually collapsed along with the rest of the market. But subsequent recovery trends show it has regained a good percentage of its value since the crash.
Related Reading | MicroStrategy deepens its crypto bet with 240 million extra dollars spent on Bitcoin
The mid-cap index outperforms in September
In September, the mid-cap index rose 21% in September alone. This is a complete deviation from models for other indexes, both small and large caps, both of which posted declines in September. The Large Caps index rose only 1% in September. Likewise, in line with the weak recoveries, the Small Caps index is in bay.3% sse on the month.
Mid Caps Index Dominates Market in September | Source: Arcane Research
Bitcoin, which appeared to have held up well during the crash, achieved the least significant recovery of the month. The asset posted the weakest performance in September, down 5%, even lower than the Small Caps index.
Associated reading | New to Bitcoin? Learn How To Trade Cryptos With The NewsBTC Trading Course
Altcoins performed better after the crash, despite the higher number of shots with the flash crash. The following weeki the crash saw the altcoin market recover rapidly. Coins like Algorand, which belong to the Mid Caps index, performed so well after the crash that they dragged the entire index down. While bitcoin has maintained weak momentum and continues to struggle in the market.
Bitcoin maintains market dominance
The performance of indices against bitcoin has not had much of an impact on the dominance of the asset market. Although bitcoin has lost some of its dominance in the market, the total for the week turned out to be around 1% of the market dominance lost to altcoins. Currently, the market dominance of digital assets stands at 41.47%. The performance of the Mid Caps Index saw the altcoin market rise to take more bitcoin market share.
Trading BTC prices above $ 47,000 | Source: BTCUSD on TradingView.com
The price of Bitcoin has shown significant recovery patterns over the past few days. But there has been no significant recovery inu price. The digital asset is gearing up for what appeared to be a further test of the $ 48,000 resistance point, after finding a comfortable position above $ 47,000 before the market opened midweek. price change of 2.11%.
Chart from TradingView.com