Bitcoin Dominance Surges Amid Altcoin Selloff
According to data tracked by charting platform TradingView, Bitcoin’s dominance rate or share of total crypto market capitalization increased early Saturday, approaching 50% for the first time since April 2021.
The increase occurred as alternative cryptocurrencies such as SOL, MATIC, DOGE, and ADA experienced double-digit losses amid rumors of a $2 billion portfolio dump by a proprietary trading firm.
Meanwhile, bitcoin fell by only 3%. The relative outperformance could be attributed to increased haven demand, with investors shifting funds away from altcoins and into bitcoin, the world’s largest and most liquid cryptocurrency.
Early Saturday, the dominance rate nearly reached 50%.
(With inputs from Shikha Singh)
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