Bitcoin Dominance Rises to 58%, Altcoin Season Hasn't Happened Yet!

2024-10-22

Bitcoin Dominance

BittimeThe latest data from Matrixport reveals that Bitcoin dominance has now reached 58%, which shows that the market is still very focused on Bitcoin. 

Even though there are more than 20,000 crypto assets in circulation, altcoins have not shown signs of the expected big surge. Read this article to find out more!

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Bitcoin Dominance is High

Matrixport revealed that Bitcoin dominance, which is the percentage of total market capitalization represented by Bitcoin compared to the entire crypto market, has reached 58%. 

This figure indicates that even though there are thousands of altcoins available, Bitcoin remains the main focus in the crypto ecosystem.

Even though various altcoin projects have been launched with unique innovations and functionalities, the market still seems to prefer Bitcoin as the main digital asset.

Read Also: Bitcoin MACD Indicator Bullish, Bitcoin Price Will Break $70,000?

Bitcoin Dominance is High, Altcoin Season Hasn't Happened Yet

Although some analysts predict that altcoins will experience a big surge this year, in fact the altcoin season has not yet occurred. 

There are several factors why altcoin season has not yet materialized. One of them is the influx of funds from the Bitcoin ETF which does not have much impact on altcoins.

Many thought that the launch and adoption of Bitcoin-based ETFs would be a catalyst for the crypto market as a whole, including altcoins. 

However, the funds flowing into Bitcoin through this ETF actually strengthened Bitcoin's dominance, without providing a significant boost to altcoins. 

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Bitcoin Dominance is High, Bitcoin is Still the Center of Crypto Market

Matrixport also mentioned that although there are more than 20,000 crypto assets on the market, the main attention is still on Bitcoin. This is not surprising, considering Bitcoin's long history and reputation as a pioneer in the crypto world. 

Better security and stability keep Bitcoin the top choice among investors large and small.

Apart from that, the increasing Bitcoin trading volume is an indicator that interest in Bitcoin is still very strong. 

By 2023, Bitcoin trading volume had increased from $10 billion to $20 billion, and continued to rise to the $20 billion to $40 billion range. This shows that transactions carried out with Bitcoin are higher.

Read Also: Crypto Airdrop Until December 2024, Chance to Get Free Tokens!

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Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.

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