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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