The latest downturn within the crypto market, marked by important losses for main altcoins like Ethereum, Solana, and XRP, is driving traders again to Bitcoin.
Knowledge from TradingView reveals that Bitcoin’s share of the general crypto market has climbed 6% prior to now week, standing slightly below 60% at press time.
This rebound is notable, as Bitcoin dominance had dipped to round 55% following Donald Trump’s election victory in November.
On the time, many analysts predicted the start of an “altseason.” This section is characterised by altcoins outperforming Bitcoin as merchants scale back their Bitcoin publicity to capitalize on high-liquidity altcoins. Throughout this era, the Altcoin Index hit a yearly excessive of 90, reflecting sturdy capital move into various digital belongings.
Nevertheless, latest coverage changes by the Federal Reserve have prompted sharp value declines throughout the crypto market. Bitcoin dominance has risen because of this, indicating a flight to security amongst traders.
Analysts now counsel that the alt season may need ended, with the Altcoin Index dropping to 43 as of Dec. 20.
