Summary
- Bitcoin dominance was reported to have approached a year-to-date low at 57.36%.
- A decline in dominance indicates that the altcoins' share of market capitalization is increasing, it said.
- It reported that the increased trading volume and price gains of major altcoins such as Ethereum, Solana, and XRP have driven the decline in dominance.
Bitcoin (BTC) dominance has fallen to a year-to-date low level, raising expectations for altcoin strength. Dominance refers to the share of Bitcoin's market capitalization in the virtual assets (cryptocurrencies) market.
According to TradingView on the 13th, Bitcoin dominance was recorded at 57.36%. This is close to the year's low of 56.63% recorded on January 4. Bitcoin dominance has been on a downward trend for three months after reaching a high of 66% in June.
Typically, a decline in dominance means that the relative share of altcoin market capitalization is increasing. Market analysis indicates that the trading volume and price uptrends of major altcoins including Ethereum (ETH), Solana (SOL), and XRP are driving the decline in dominance.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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