• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bitcoin's Dominance Challenges Altcoins in the Crypto Market

user avatar

by A1

4 hours ago


The cryptocurrency landscape is witnessing notable changes, especially after a significant market adjustment last week. Founders of the analytics firm Glassnode, Jan Happel and Yann Allemann, have pointed out that the altcoin sector is at a pivotal moment.

How Does Bitcoin’s Rise Affect Altcoins?

According to the Glassnode founders, Bitcoin’s market share has surged to 59%. This metric, known as Bitcoin Dominance, reflects its standing within the broader cryptocurrency market. "As Bitcoin’s dominance increases, we observe that altcoins are losing their support levels," they remarked.

As Bitcoin’s dominance increases, we observe that altcoins are losing their support levels.

Why Are Long-Term Bitcoin Holders Selling?

Recent data from Glassnode indicates a shift in the behavior of Bitcoin holders, as long-term investors start to liquidate their positions. This activity coincides with a rise in participation from short-term traders, while major holders appear to be quietly acquiring more. With Bitcoin’s price dipping below $100,000, altcoins have seen an even steeper decline.

Risk Management Strategies for Traders

Market experts believe that Bitcoin’s influence will continue to dictate trends within the cryptocurrency field. Should the altcoin season conclude, traders will likely need to revisit their risk management strategies to adapt to the changing dynamics.

As Bitcoin asserts its dominance, altcoins might face challenges in maintaining their growth trajectory. Traders should closely monitor market changes and adjust their strategies to align with the new realities.

0

Share

Other news

Technical Analysis Points to Growth Potential for Chainlink

Chainlink price movement review and growth prospects. Technical indicators and expert forecasts.

user avatarA1

a few seconds ago

Top Crypto Presales 2025 Review: DEBO and Other Promising Projects

Exploring the top crypto presales: DEBO, Aureal One, yPredict, and others with high growth potential.

user avatarA1

a minute ago

MicroStrategy Makes Another Major Bitcoin Purchase

MicroStrategy has acquired 5,262 BTC for $561 million, increasing its total holdings to 444,262 BTC worth $27.7 billion.

user avatarA1

2 minutes ago

Crypto Losses Drop by 17% in 2024 According to ImmuneFi

ImmuneFi's report reveals a 17% reduction in crypto losses in 2024, assessing damages at $1.49B.

user avatarA1

2 minutes ago

Cryptocurrency Prices: DOGE and SHIB Stable Before Possible Changes

Bears take the lead in the crypto market, price drop in DOGE and SHIB indicates potential changes.

user avatarA1

3 minutes ago

SEI Growth: Scaling 5 Ggas/s, Aiming for Dominance by 2025

SEI rapidly grows in transactions, scaling to 5 Ggas/s, preparing for innovation and dominance by 2025.

user avatarA1

4 minutes ago

dapp expert logo
© 2020-2024. DappExpert. All rights reserved.
© 2020-2024. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.