Bitcoin Dominance Skyrockets, Dominates $1T Crypto Market



Source: Tradingview 


According to TradingView, Bitcoin's (BTC) dominance rate within the overall cryptocurrency market capitalization experienced a significant surge on Saturday, approaching the 50% threshold for the first occasion since April 2021.


During this time, as rumors circulated regarding a proprietary trading firm engaging in a $2 billion portfolio dump, alternative cryptocurrencies (altcoins) such as SOL, MATIC, DOGE, Tron, LTC, DOT and ADA experienced substantial double-digit losses. Meanwhile, Bitcoin's (BTC) dominance in the market witnessed an upturn.


As Bitcoin (BTC) approached a two-month low, hovering around $25,550, it encountered a decline of over 3%. However, amidst this backdrop, it managed to exhibit relative outperformance.


This could be attributed to the rising haven demand, as investors shifted their funds from altcoins to Bitcoin—the largest and most liquid cryptocurrency worldwide.


Bitcoin's dominance rate has demonstrated a consistent upward trend since November, experiencing a notable surge during the U.S. banking crisis in March.


This development suggests a potential breakthrough from its three-year oscillation pattern, indicating that Bitcoin may continue to outperform in the coming months, as noted by Lewis Harland of Decentral Park Capital.

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This information is for educational purposes only and does not constitute investment advice. No person should rely on it to make any investment. Investing carries risks, including the loss of capital. All opinions expressed are subject to change without notice. Past performance is not indicative of future results. Always seek the advice of a licensed investment professional before making any investment.