Bitcoin Dominance Surpasses 50% Amid Altcoin Slumber
Date: 2023-09-18 Author: Dima Zakharov Categories: BLOCKCHAIN
Bitcoin Increases Its Dominance as Altcoins Enter a Slumber
Amidst a sudden surge in Bitcoin's market dominance, the crypto sphere is experiencing a period of 'altcoin slumber.' The long-awaited achievement of 50% dominance by Bitcoin signifies its stability and confidence in the face of the volatility that alternative cryptocurrencies are currently enduring.
At present, Bitcoin has locked in more than $521 billion in market capitalization and is trading at approximately $26,814. This recovery is of paramount importance to cryptocurrency investors and communities, as Bitcoin continues to remain at the center of attention in the blockchain technology and long-term investment sphere.
Despite regaining dominance, Bitcoin's price is still below its June peak by 17%. However, long-term Bitcoin holders now control nearly 76% of the total supply, approaching historical highs. This underscores the confidence in Bitcoin's long-term prospects despite temporary price fluctuations.
While Bitcoin maintains its position, altcoins are not displaying significant activity. Many of them have either remained largely unchanged in price over the past week or have entered the 'red zone.' An exception to this trend is Toncoin (TON), which swiftly climbed to the tenth position in terms of market capitalization due to its integration of a cryptocurrency wallet within the popular messaging app Telegram.
Bitcoin Achieves 50% Dominance: Stability and Prospects in the World of Cryptocurrencies
The cryptocurrency market remains dynamic, with investors closely monitoring developments. Bitcoin, as the leader of this space, continues to attract attention and remain a key factor in the investment strategies of crypto enthusiasts and traders.
With Bitcoin achieving 50% dominance in the cryptocurrency market, investors and analysts are beginning to discuss the possibility of further increasing Bitcoin's market share to 60%. Benjamin Cowen, the head of ITC Crypto, expressed his optimistic outlook on Twitter, stating that 60% Bitcoin dominance would appear even more attractive to the cryptocurrency market. This reflects the growing interest in Bitcoin and its potential as a stable asset.
It is worth noting that the overall cryptocurrency market capitalization has increased by 4.7% in the last week, reaching a level of $1.09 trillion. This indicates that, despite fluctuations and capital outflows in previous weeks, the cryptocurrency market remains attractive to investors.
However, it is essential to recognize that the cryptocurrency market remains high-risk and volatile. On September 12, a significant outflow of funds occurred after the price of Bitcoin fell below the $25,000 mark. These events underscore the importance of a cautious and informed approach to cryptocurrency investments.
Overall, Bitcoin's dominance and its strengthening position in the market underscore its role as a key asset in the world of digital currencies. As Bitcoin's market share increases, so does interest in its long-term prospects and its ability to maintain leadership in the crypto sphere. This, in turn, may influence investment decisions and strategies in the near future.
