Bitcoin dominance rises to 60% as altcoins falter
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The recent downturn in the crypto market, marked by significant losses for major altcoins like Ethereum, Solana, and XRP, is driving investors back to Bitcoin. Data from TradingView reveals that Bitcoin’s share of the overall crypto market has climbed 6% in the past week, standing just below 60% at press time. Graph showing Bitcoin’s market dominance from Dec. 14 to Dec. 20, 2024 (Source: TradingView) This rebound is notable, as Bitcoin dominance had dipped to around 55% following Donald Trump’s election victory in November. At the time, many analysts predicted the beginning of an “altseason.” This phase is characterized by altcoins outperforming Bitcoin as traders reduce their Bitcoin exposure to capitalize on high-liquidity altcoins. During this period, the Altcoin Index hit a yearly high of 90, reflecting strong capital flow into alternative digital assets. However, recent policy adjustments by the Federal Reserve have caused sharp price declines across the crypto market. Bitcoin dominance has risen as a result, indicating a flight to safety among investors. Graph showing the altcoin season index from December 2023 to December 2024 (Source: Blockchaincenter) Analysts now suggest that the alt season might have ended, with the Altcoin Index dropping to 43 as of Dec. 20. Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies. Source: https://cryptoslate.com/insights/bitcoin-dominance-rises-to-60-percent-as-altcoins-falter/
Filed under: News - @ December 20, 2024 3:20 pm