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Bitcoin Dominance Reaches 3-year High

15 Apr, 2024 Coin news

Bitcoin Dominance Reaches 3-year High

Bitcoin's market cap dominance has reached its highest point in three years, outpacing altcoins as they experience a downturn in price.

According to data from TradingView, Bitcoin now accounts for 56.3% of the total cryptocurrency market cap as of April 12.

Over the weekend, Bitcoin's price suffered, with a series of liquidations pushing BTC/USD below $65,300.

Altcoins, however, faced even harsher conditions, with many in the top twenty by market cap dropping over 15%.

This shift has resulted in Bitcoin gaining a larger share of the market, marking the most significant dominance since April 2021.

The prominent social media trader Bagsy commented on the significance of Bitcoin's dominance, noting the chart's impressiveness despite the continuous introduction of new altcoins.

Another trader, Daan Crypto Trades, highlighted the disparity in the impact on Bitcoin versus altcoins, stating that the real losses were observed in the altcoin sector, which saw billions in open interest wiped out and price drops up to 50%.

Bitcoin bull markets typically start with a dominance surge, followed by altcoins rallying after BTC/USD stabilizes.

Although altcoins have been performing well in 2024, they have yet to sustain conditions that allow for significant gains.

Trader Mikybull Crypto predicts a shift in the market, expecting altcoins to surge as Bitcoin's dominance starts to decline.

He notes that the altcoin market cap is mirroring patterns from previous cycles, suggesting an imminent explosive rise.

Sources:

https://cointelegraph.com/news/bitcoin-dominance-3-year-high-btc-price-altcoins

https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE

https://twitter.com/Bagsy/status/1779024301200392642

https://twitter.com/DaanCrypto/status/1779118335709589651

https://twitter.com/MikybullCrypto/status/1779097358229295278

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