Bitcoin dominance surges 6% in a week as altcoin market stumbles amid Fed policies
The recent downturn in the crypto market, marked by significant losses for major altcoins like Ethereum, Solana, and XRP, is driving investors back to Bitcoin.
Data from TradingView reveals that Bitcoin’s share of the overall crypto market has climbed 6% in the past week, standing just below 60% at press time.
This rebound is notable, as Bitcoin dominance had dipped to around 55% following Donald Trump’s election victory in November.
At the time, many analysts predicted the beginning of an “altseason.” This phase is characterized by altcoins outperforming Bitcoin as traders reduce their Bitcoin exposure to capitalize on high-liquidity altcoins. During this period, the Altcoin Index hit a yearly high of 90, reflecting strong capital flow into alternative digital assets.
However, recent policy adjustments by the Federal Reserve have caused sharp price declines across the crypto market. Bitcoin dominance has risen as a result, indicating a flight to safety among investors.
Analysts now suggest that the alt season might have ended, with the Altcoin Index dropping to 43 as of Dec. 20.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
© 2024 CryptoSlate. All rights reserved. Disclaimers | Terms | Privacy
Please add “[email protected]“ to your email whitelist.
Stay connected via
Français 
English