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Bitcoin (BTC) has reclaimed a significant portion of the cryptocurrency market, reaching its highest market share since April 2021, according to data from Into The Block. BTC’s dominance has surged to 54% during the third quarter of 2024, marking a notable recovery in the face of a challenging year for many altcoins. BTC’s market share reached its highest since April 2021 this quarter Bitcoin’s price traded mostly sideways throughout the quarter, while ETH and smaller tokens set new yearly lows in terms of price pic.twitter.com/TTEX7W4Yf2 — IntoTheBlock (@intotheblock) October 5, 2024 Bitcoin Stability Outshines Struggling Altcoins Throughout the quarter, Bitcoin’s price remained relatively stable, moving mostly sideways while other major cryptocurrencies, such as Ethereum (ETH) and smaller tokens, saw significant declines. Both ETH and various altcoins hit new yearly lows in terms of price, reflecting growing concerns about their short-term prospects. Ethereum’s market share, for example, fell to 13%, highlighting Bitcoin’s increasing dominance. According to the data shared by Into The Block, Bitcoin’s dominance stands at 54%, significantly higher than its altcoin counterparts. Stablecoins account for 26% of the market, while Ethereum and other altcoins represent a combined 39%. However, according to TradingView, BTC’s market dominance is even higher, currently sitting at 58.19%. This discrepancy may reflect differences in how dominance is calculated across various platforms. The current market environment underscores Bitcoin’s strength as a more stable store of value compared to other digital assets. While altcoins, including Ethereum, have struggled to maintain momentum, Bitcoin has managed to hold firm, largely due to its perception as a safer, more reliable asset in the crypto space. Bitcoin’s Resilience Highlights Shift in Investor Sentiment While Bitcoin’s sideways price action might not seem impressive at first glance, the lack of a sharp decline stands in stark contrast to Ethereum and smaller altcoins, which…

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Filed under: News - @ October 6, 2024 8:15 am