In the cryptocurrency market, Bitcoin continues to show remarkable dominance, while altcoins remain on standby. Recent data shows Bitcoin's dominance has risen to 63.8%.
Current Market Snapshot
According to the latest data, BTC dominance has reached 63.8%, a 0.7% increase over the past 24 hours. This figure is approaching its yearly high of 65.1%, recorded on June 27. Meanwhile, the 'Others' category has dropped to 26.3%, losing 0.85%, while Ethereum has slightly increased to 9.9%, adding 0.14%.
Historical Context of Bitcoin Dominance
In recent weeks, trends have been increasingly in favor of Bitcoin. For example, last week BTC dominance was at 64.4%, while last month it was 63.2%. This highlights a steady flow of capital into Bitcoin amidst risks.
Implications for Traders
A rising BTC dominance often signals risk-off behavior in crypto markets. While some capital rotates into higher beta assets, the majority remains parked in Bitcoin. Key metrics to watch include the ETH/BTC ratio as a significant indicator for altseason potential, BTC dominance which should stay above 60% to avoid signaling alt momentum, and volume ratios, with Bitcoin still leading both spot and derivatives flows.
For now, Bitcoin remains the anchor of the cryptocurrency market. Until BTC dominance begins to fall, altcoins will wait for their moment.
