Bitcoin dominance on fire, it’s over for alts?

-

Bitcoin’s market dominance just surged to a multi-year high, signaling that the king crypto is gaining strength at the expense of altcoins. On September 16, Bitcoin’s dominance hit 58%.

You either have a dollar in Bitcoin, or in another currency. But the same dollar can’t be in both.

Bitcoin’s dominance was below 40% in November 2022 after the collapse of FTX, which caused its price to plummet to a low of $16,000 during a bear market, or more widely known as the crypto winter.

Since then, Bitcoin increased its market share without a pause, leaving altcoins behind, especially Ethereum, which has seen its dominance drop quite big time.

Ethereum’s market share lost 30% over the past year and dipped below 14% this week for the first time in three and a half years. Among investors and savers, it seems Bitcoin is the favorable.

Bitcoin dominance and market dynamics

A popular analyst ‘Rekt Capital’ shared in the social media that Bitcoin’s market share closed at 57.68%, surpassing a key support and resistance level for the first time since April 2019.

He pointed out that the last time such a weekly close occurred, it started a multi-month uptrend in Bitcoin dominance that reached 71%.

While Bitcoin last topped 70% in early 2021, it quickly fell to around 40% during the following altseason.

Market is changing all the times

This outlook is bullish from some analysts, but others believe that Bitcoin’s dominance may be peaking now, and from here, we will see only downslide.

Analyst ‘Cryptollica’ shared on X that a drop in dominance to 35% by mid-2025 is quite expectable.

Similarly, crypto YouTuber Kyle Doops expressed that this shift could really affect market trends and reshape the overall crypto trading, especially during the next altseason.

The crypto market has seen a decline of 1.4% in the past days, with total market capitalization falling to $2.11 trillion.

Bitcoin managed to reclaim the $58,000 level during the Tuesday morning trading session in Asia after dipping below it on Monday evening, but Ethereum continues to struggle and is unable to break above $2,300, trading at $2,280 at the time of writing.

Have you read it yet? Circle will issue USDC on Sony’s blockchain


Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.

LATEST POSTS

New Fidelity stablecoin is coming?

The stablecoin market is on fire, and it's not just the usual suspects like Tether and Circle anymore. Fidelity Investments, one of the biggest asset...

Crusoe, from Bitcoin to AI

Alright, the tech world just got a whole lot more interesting. Crusoe Energy, the company that's been harnessing waste gas from oil fields to power...

Bitcoin is coming to North Carolina?

North Carolina's got a thing for Bitcoin, and it's about to get real. Lawmakers have introduced not one, but two sets of bills that could...

Curve Finance founder’s selloff sparks market concerns

Alright, the crypto world is buzzing with a tale of intrigue and uncertainty. Michael Egorov, the mastermind behind Curve Finance, has been on a selling...

Most Popular

Guest posts