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Bitcoin Dominance Surges, Accounting For Nearly Half of The $1T Crypto Market, Amid Altcoin Selloff
Bitcoin's dominance rate neared the 50% mark early Saturday as altcoin crash triggered a flight to safety.
Updated Jun 10, 2023, 1:56 p.m. Published Jun 10, 2023, 1:56 p.m.
Bitcoin's dominance rate or share in the total crypto market capitalization rose early Saturday, nearing the 50% mark for the first time since April 2021, according to data tracked by charting platform TradingView.
The uptick came as alternative cryptocurrencies (altcoins) like SOL, MATIC, DOGE, and ADA suffered double-digit losses amid rumors of a $2 billion portfolio dump by a proprietary trading firm.
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Meanwhile, bitcoin lost just 3%. The relative outperformance perhaps stemmed from increased haven demand – investors moving money out of altcoins and into bitcoin, the world's largest and most liquid cryptocurrency.
"Bitcoin's relative dominance mooning amid altcoin market sell-off. Flight to majors (1st stage before crashes occur)," pseudonymous crypto trader and analyst @52kskew tweeted.
BTC's dominance rate has been steadily rising since November and surged during the March U.S. banking crisis. The indicator now looks to be breaking out of its three-year oscillation pattern, a sign of continued bitcoin outperformance in months ahead, according to Decentral Park Capital's Lewis Harland.
Tether, the world's largest dollar-pegged stablecoin, also likely benefitted from Saturday's risk aversion. Its dominance rate jumped 5% to 7.82%, the highest since Jan. 8, TradingView data showed.
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XRP slumps as bitcoin once again falls back to $85,000 level after surge
Crypto markets swung sharply Thursday following a softer-than-expected U.S. CPI print, which briefly lifted bitcoin above $89,000 during U.S. hours.
What to know:
- XRP declined 1.2% amid high trading volume, indicating significant market activity despite price struggles.
- The cryptocurrency remains under pressure, failing to surpass the critical $2.00 level, which is seen as a key inflection point.
- Elevated trading volume without sustained price gains suggests distribution rather than panic-driven selling.
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