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    Home»Bitcoin»Bitcoin dominance rises to 60% as altcoins falter
    Bitcoin dominance rises to 60% as altcoins falter
    Bitcoin

    Bitcoin dominance rises to 60% as altcoins falter

    By Crypto EditorDecember 20, 2024No Comments2 Mins Read
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    The latest downturn within the crypto market, marked by important losses for main altcoins like Ethereum, Solana, and XRP, is driving traders again to Bitcoin.

    Information from TradingView reveals that Bitcoin’s share of the general crypto market has climbed 6% prior to now week, standing slightly below 60% at press time.

    Bitcoin dominance rises to 60% as altcoins falter
    Graph exhibiting Bitcoin’s market dominance from Dec. 14 to Dec. 20, 2024 (Supply: TradingView)

    This rebound is notable, as Bitcoin dominance had dipped to round 55% following Donald Trump’s election victory in November.

    On the time, many analysts predicted the start of an “altseason.” This section is characterised by altcoins outperforming Bitcoin as merchants scale back their Bitcoin publicity to capitalize on high-liquidity altcoins. Throughout this era, the Altcoin Index hit a yearly excessive of 90, reflecting robust capital circulation into different digital property.

    Nonetheless, latest coverage changes by the Federal Reserve have prompted sharp worth declines throughout the crypto market. Bitcoin dominance has risen in consequence, indicating a flight to security amongst traders.

    Altcoin Season IndexAltcoin Season Index
    Graph exhibiting the altcoin season index from December 2023 to December 2024 (Supply: Blockchaincenter)

    Analysts now recommend that the alt season may need ended, with the Altcoin Index dropping to 43 as of Dec. 20.

    Disclaimer: Our writers’ opinions are solely their very own and don’t mirror the opinion of CryptoSlate. Not one of the data you learn on CryptoSlate ought to be taken as funding recommendation, nor does CryptoSlate endorse any undertaking that could be talked about or linked to on this article. Shopping for and buying and selling cryptocurrencies ought to be thought of a high-risk exercise. Please do your personal due diligence earlier than taking any motion associated to content material inside this text. Lastly, CryptoSlate takes no duty do you have to lose cash buying and selling cryptocurrencies.



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