Bitcoin (BTC) Soars to 54.9% Crypto Market Dominance
20.09.2024 15:30 2 min. read Alexander Zdravkov
A recent report from Kaiko Research reveals that Bitcoin's dominance in the cryptocurrency market has risen to 54.9%, marking its highest point since April 2021.
This increase underscores Bitcoin’s growing influence, particularly in comparison to the top 50 altcoins, as it continues to outperform other digital assets amid market uncertainty.
Following a surprise interest rate hike in Japan on August 5, which led to a sharp market sell-off, Bitcoin remained resilient, with positive buying pressure on U.S. exchanges, while altcoins experienced heavy selling. Kaiko’s analysts pointed out that Bitcoin’s ability to maintain strong demand during the turbulence further solidifies its reputation as a safe-haven asset.
Between August 4 and 6, Bitcoin showed a positive cumulative volume delta (CVD), a key indicator of market pressure, while the top five altcoins faced widespread selling.
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Analysts noted that Bitcoin’s performance during the downturn highlights its appeal as a more stable asset in comparison to altcoins, which are prone to sharper declines.
The report also attributes Bitcoin’s growing dominance to the launch of spot Bitcoin ETFs in the U.S., which attracted institutional investors looking for lower-risk assets. This influx of capital helped Bitcoin strengthen its position, while altcoins struggled with greater volatility and higher risk premiums due to a challenging economic climate.
The vulnerability of altcoins remains a concern, as they continue to face uncertainty and significant selling pressure, especially during times of market distress.
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