Summary: Bitcoin’s market dominance has risen above 50% as altcoins, including Ether, underperform. The cryptocurrency market is currently bearish due to geopolitical uncertainties in the Middle East.
Bitcoin, the leading cryptocurrency by market cap, has experienced an increase in its market dominance. Currently, Bitcoin’s dominance stands at 50.3%, reaching a three-month high. Meanwhile, Ether’s market dominance has declined from 19% to around 17% in recent months, despite the implementation of the Ethereum Merge upgrade.
Altcoins have encountered significant selling pressure, while Bitcoin has managed to hold its support above $27k. If Bitcoin breaks through the resistance level at $28k, it could potentially rally above $30k. However, the current trend suggests that altcoins may continue to face selling pressure in the short term.
Why has Bitcoin’s market dominance increased?
Bitcoin’s market dominance has increased as altcoins, particularly Ether, have underperformed. While Ethereum transitioned into a proof-of-stake protocol, Ether’s market dominance declined.
What is the significance of Bitcoin’s dominance level exceeding 50%?
A dominance level above 50% indicates that Bitcoin holds the majority share of the entire cryptocurrency market. It signifies Bitcoin’s prominence and influence within the industry.
Why are altcoins struggling?
Altcoins are struggling due to substantial selling pressure. Investors may be shifting their focus to Bitcoin, which has shown relative stability compared to other cryptocurrencies.
Will Bitcoin’s dominance continue to rise?
It is difficult to predict the future of Bitcoin’s dominance. However, if Bitcoin maintains its upward momentum and outperforms altcoins, its dominance level may continue to rise.
Bitcoin’s market dominance has surpassed 50% as altcoins struggle to gain traction. With geopolitical uncertainties contributing to the overall bearish sentiment in the crypto market, it remains to be seen how Bitcoin and other cryptocurrencies will perform in the coming months.