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Bitcoin’s dominance ratio surged to nearly 60% in August, driven by a significant increase in the crypto’s value. Year-to-date, BTC’s value has risen by about 51%, adding nearly $450 billion to its market cap despite fluctuations in price. Glassnode data highlights that long-term Bitcoin holders remain resolute, continuing to accumulate and retain their coins. These steadfast investors continue to accumulate and hold onto their coins, with data showing that “HODLing behavior is significantly outpacing spending behavior.” Bitcoin achieves a historic peak in dominance  The last time BTC’s dominance ratio exceeded 60% was in February 2021. Despite an outstanding 160% gain in 2023ᅳthree times more than its price growth in the previous eight monthsᅳBitcoin’s dominance ratio was lower compared to this year.  The boost in institutional interest from major financial firms such as BlackRock and Fidelity played a crucial role in Bitcoin’s recovery from the 2022 bear market. Still, its dominance ratio remained above 50% only intermittently last year. According to Statista, Bitcoin’s dominance ratio was at 40% in January 2023, with altcoins holding around 60% of the market. Even though Bitcoin’s price surged, its dominance ratio only increased by 5% over the next four months, reaching 50% in October before slipping to 47% by December. Bitcoin Dominance-Source: TradingView In 2024, Bitcoin’s dominance improved significantly. From January to June, its dominance ratio fluctuated between 48% and 53%. By the first week of August, it jumped to nearly 60%, a level not seen since February 2021. The current dominance is 57.47%. Solana and Binance Coin see their dominance ratios rise  According to Coingecko data, besides Bitcoin, only two other major cryptocurrencies saw an increase in their dominance ratios this year. Solana’s dominance ratio more than tripled, rising from 0.78% in January to about 3% last week. Binance Coin experienced a smaller increase,…

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Filed under: News - @ August 25, 2024 9:58 am