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Bitcoin (BTC) is trading below key support levels after massive selling pressure hit the market, fueling fear and uncertainty among investors. Since the start of March, BTC has lost over 19% of its value, triggering concerns that further downside may be ahead. The broader crypto market and U.S. stock market have both suffered as global trade war fears and volatile macroeconomic conditions continue to shake investor confidence.
Despite the downtrend, Bitcoin’s market dominance has been rising steadily since 2022, marking one of the longest periods of sustained growth in its history. This dominance reflects BTC’s resilience compared to altcoins, as investors turn to BTC during periods of uncertainty. However, while Bitcoin’s share of the market grows, active user engagement continues to decline.
On-chain data shows that Ethereum (ETH) and The Open Network (TON) have seen significant growth, with more on-chain activity shifting to these networks. As alternative Layer 1 blockchains gain traction, Bitcoin faces competition for transaction volume and user engagement. With BTC struggling to hold key levels, the coming weeks will be crucial in determining
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