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Home»ALTCOIN NEWS»Bitcoin Dominance Soars to 59.2%: Are Altcoins in a Downtrend?
ALTCOIN NEWS

Bitcoin Dominance Soars to 59.2%: Are Altcoins in a Downtrend?

By Crypto FlexsOctober 26, 20243 Mins Read
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Bitcoin Dominance Soars to 59.2%: Are Altcoins in a Downtrend?
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  • Bitcoin dominance rose to 59.2%, the highest since April 2021.
  • Altcoins and Ethereum lagged behind, allowing Bitcoin to gain market share.
  • Due to market uncertainty and the upcoming US election, the focus has shifted to Bitcoin.

The cryptocurrency market is experiencing notable changes as Bitcoin regains dominance. Hitting new highs, BTC’s share of the overall cryptocurrency market is rising and attracting the attention of investors around the world. While altcoins struggle to keep pace, Bitcoin continues to strengthen, hinting at a potential shift in the digital asset landscape.

While Ethereum and other altcoins have underperformed, Bitcoin is resilient. Investors are navigating regulatory uncertainty and general apathy toward smaller tokens, leading to renewed interest in the original cryptocurrency. What does this mean for the future of digital assets?

Bitcoin dominance approaches 60%.

BTC’s dominance (BTC.D) rose to 59.2%, its highest level since April 2021. This surge is due to the continued underperformance of altcoins and Ethereum since the bear market bottomed in the fourth quarter of 2022.

Since the FTX collapse, BTC.D has increased by 51% and has increased by 16% since the beginning of 2024. Market indifference to less volatile altcoins and Ethereum’s lackluster performance have shifted market share to tokens such as Bitcoin and Solana (SOL). Investors seem to prefer established cryptocurrencies over riskier, less established altcoins.

Bitcoin’s resilience is in the spotlight, especially as it holds above the crucial $65,000 support level. Despite the short-term price fluctuations, BTC is showing signs of being oversold, suggesting upside potential.

Crypto World analyst Josh said BTC is trading in a sideways range around $66,700 to $68,300, indicating a neutral near-term outlook. The Relative Strength Index (RSI) suggests a possible sideways move or a slight decline before potential upward momentum resumes.

Bitcoin’s Safe Haven Appeal

The rise in BTC dominance may also be influenced by the uncertainty surrounding the upcoming US presidential election. The general market consensus is that altcoins may perform better under a Republican administration, but they will continue to struggle under Democrats due to regulatory scrutiny.

This political backdrop has led investors to gravitate toward Bitcoin, which is perceived as a safer asset in times of uncertainty. Despite the introduction of the Ethereum ETF earlier this year, August marked Ethereum’s worst performance since the Terra Luna collapse in 2022.

The Ethereum ETF has recorded a cumulative outflow of $427 million since its launch last May, and the Bitcoin ETF has attracted $22 billion in capital since January. This stark contrast highlights the shift in investor preference for BTC over ETH.

On the flip side

  • As regulatory clarity improves after the election, altcoins could rebound and potentially struggle further. BTCdominance.
  • Ethereum’s upcoming upgrade could improve its performance, attracting investors back to ETH.
  • A significant decline below the $65,000 support level could indicate a bearish trend for Bitcoin.

Why This Matters

Bitcoin’s rising dominance signals a potential shift in cryptocurrency market dynamics, impacting investment strategies and the future performance of altcoins. Understanding these trends is important for investors navigating the evolving landscape of digital assets.

Read here to learn more about how Bitcoin ETFs are seeing major inflows as BTC outperforms other cryptocurrencies.
Bitcoin ETF sees weekly inflows of $997 million as BTC outperforms other cryptocurrencies.

To learn more about recent BTC See price action and analyst predictions for a potential rally here.
DailyCoin Bitcoin Regular: Strong Signal for $100K Bitcoin Rally

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