Bitcoin dominance rises to 60% as altcoins falter
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 Bitcoins 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 Trumps 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.
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Text source: CryptoSlate
