This week, the crypto market is experiencing significant fluctuations. Bitcoin has reached new heights, while the rapid corrections in altcoins draw interest for further developments.
Bitcoin Market Dominance Approaches 60%
Bitcoin recently reached a new all-time high of $89.9K, stabilizing around $86K. This significantly impacted its market share, currently at around 59.8%, and is projected to hit 60% by the end of the week.
Bitcoin Dominance from 2013 to 2024
Analysts believed Bitcoin's dominance would decline as the crypto market matured. From 34% in 2018, Bitcoin's share rose to 70% in 2019. Since 2021, Bitcoin's dominance has been decreasing, but it shows growth again from 2023 up to 60%.
Why Are Altcoins Struggling?
While altcoins recently showed short-term success, such as Ethereum surpassing $3,000, they quickly corrected downwards. This is due to active profit-taking and lesser support from institutional investors. Ethereum and XRP face pressure due to sales from large holders and regulatory challenges.
Steady capital inflow and a recent interest rate cut support the crypto market despite current volatility. The market is expected to stabilize by late November 2024.
