Yesterday, Bitcoin’s market share experienced its largest single-day drop in five months. By looking at the market share chart, we can see that in just one day, Bitcoin’s market share fell from 55.3% to 54.35%, a drop of 1.85 percentage points. This was the largest single day in the past two months. Decline.

It is believed that the panic in the market mainly stems from the news of Mt. Gox’s repayment. Because when Mt. Gox declared bankruptcy, only Bitcoin existed in the cryptocurrency market, and no other altcoins existed.

Recently, as Mt. Gox decides to compensate, the market is expected to release up to 140,000 Bitcoins. This large-scale Bitcoin inflow has triggered market concerns about the short- and medium-term trends of Bitcoin.

At the same time, a large number of investors are also taking market game actions, because the market generally predicts that the price of Bitcoin may fall. This expectation led to a significant collapse in Bitcoin’s market share yesterday.

Given the concerns among market participants, the release of this huge amount of Bitcoin could put pressure on the price of Bitcoin and thus affect Bitcoin’s dominance in the overall cryptocurrency market.

Altcoins have shown relative strength in recent times compared to Bitcoin. Mt.Gox’s repayment news did not have an impact on the altcoin market, as the event was only related to Bitcoin. Historical experience shows that whenever the market creates panic surrounding Mt. Gox, it often marks the formation of a regional bottom for Bitcoin.

Currently, Bitcoin price has found support at the $58,000 level and has begun to show signs of rebound. Market participants are keeping a close eye on whether Bitcoin will achieve a trend reversal. At the same time, some analysts believe that the key turning point is whether Bitcoin can break through the resistance level of $66,200. If it can effectively break through this level, then the price of around US$58,000 may be the regional lowest point of this round of Bitcoin adjustment. $BTC