The bitcoin price, which last week looked set to fall under the psychological $6,000 mark after a substantial sell-off, has managed to hold its ground over the last few days — though the same cannot be said of other major cryptocurrencies, including ethereum and ripple (XRP).
Bitcoin, which has been hovering around $6,400 since falling to around $6,000 on Friday, has again beaten off some of its biggest rivals — most of which have struggled more than bitcoin to support their valuations this year after last year's massive bull run.
In the last 24 hours bitcoin has added a little over 1% to its price, while ethereum is off by 2.5% and ripple (XRP) is down by 1.7%.
Over the past five days, some $43 billion was wiped out off the wider cryptocurrency market from a total of $257 billion on August 7.
The price of ethereum (traded through the token ether) was unable to find support from an announcement from its widely respected founder Vitalik Buterin, who laid out plans for a blockchain consensus algorithm which can survive a 99% attack over the weekend.
Here's what's giving support to the bitcoin price...
On Saturday, for the first time this year, bitcoin's dominance rate – an indicator that tracks how much of the total cryptocurrency market capitalization is held by bitcoin — crossed the 50% threshold.
This uptick in bitcoin's market share comes amid fears the U.S. Securities and Exchange Commission could not grant approval to a hotly-anticipated bitcoin exchange-traded fund (ETF) after announcing it was delaying the decision until September 30 at the earliest.
However, many were expecting the decision to be put off and bitcoin's immediate losses on the announcement were contained.
A rise in bitcoin dominance essentially means bitcoin is more in demand compared to the alternative cryptocurrencies and an increase in bitcoin dominance could be seen as the start of a bull run, as it's a common route for fiat money to enter the cryptocurrency market.
Elsewhere, bitcoin trading volumes on Turkey's exchanges have surged over recent days as the country battles to contain a currency crisis that looks set to continue into this week.
Koinim, Turkey’s largest exchange, has reported a 63% increase in Bitcoin trading volume, while the BTCTurk and Paribu exchanges have said their volumes are up 35% and 100% respectively, according to CoinMarketCap data.