Bitcoin Dominance Rises to 58%, Altcoin Season Hasn't Happened Yet!
2024-10-22
Bittime - The 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!
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.
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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.
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.
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