Bitcoin's dominance in the cryptocurrency market has surged to its highest level in nearly three years, reflecting a trend driven by the weakening of altcoins amid geopolitical tensions and a strengthening U.S. dollar.
After a brief dip below the $60,000 mark, Bitcoin regained its footing, trading around $61,100. Despite this resilience, the broader cryptocurrency market faced challenges, with Ethereum and several prominent altcoins like Ripple, Solana, and Avalanche all experiencing notable declines.
In contrast, Aptos emerged as a strong performer, gaining 7% following Franklin Templeton’s announcement to expand its tokenized money market fund onto the Aptos blockchain.
This increase in Bitcoin’s performance has resulted in its market share climbing to over 58%, marking a significant rise in dominance. Meanwhile, the ETH/BTC ratio has fallen to 0.038, approaching its lowest level since mid-September, indicating a shift in market sentiment.
Investors are keeping a close eye on the upcoming U.S. employment report, which could have implications for risk assets, including cryptocurrencies. Crypto hedge fund QCP Capital noted that a combination of anticipated interest rate cuts and strong labor data could bolster risk assets moving forward.
As market volatility persists, Bitcoin’s growing dominance highlights its appeal as a safe-haven asset, while smaller cryptocurrencies continue to grapple with external pressures and uncertainty in the market. This environment raises questions about the future trajectory of altcoins, which remain vulnerable to market fluctuations.
Anticipation for heightened price fluctuations in Ethereum compared to Bitcoin is growing among traders, particularly with key macroeconomic events approaching, according to a crypto analyst.
Coinbase is set to remove all stablecoins that fail to meet regulatory standards in the European Economic Area (EEA) by the end of the year as part of its compliance with tightening EU regulations.
Shiba Inu is currently experiencing a bearish correction; however, recent on-chain data suggests a potential recovery on the horizon.
The International Monetary Fund (IMF) has once again turned its attention to El Salvador, urging the nation to enhance its regulatory framework regarding Bitcoin.