Global #cryptocurrency market

Recent analysis of the cryptocurrency market reveals a striking trend: the AI, DeFi, and memecoin sectors have outperformed traditional Layer 1 and Layer 2 solutions over the past month.

In a noteworthy development within the cryptocurrency landscape, MicroStrategy has completed significant Bitcoin transfers earlier today.

On September 16, Bitcoin dominance surged to 58%, marking its highest level since April 2021. This milestone comes after a prolonged period of gradual increase in Bitcoin's market share, highlighting a significant shift in the cryptocurrency landscape.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has been facing challenges in regaining its momentum. Despite a brief surge earlier in the week, ETH's price has remained relatively stagnant, reflecting the broader market uncertainty.

Bitcoin price is currently facing downward pressure, with analysts expressing concerns about a potential further decline. The cryptocurrency market has been grappling with a volatile period, and Bitcoin, as the market leader, is not immune to these fluctuations.

Bitcoin has experienced a decline of 2.6% on Monday, trading at $58,470 as of 10:41 a.m. in Singapore. The broader cryptocurrency market is under pressure as investors prepare for the Federal Reserve’s anticipated first interest rate cut in over four years.