In the cryptocurrency market BitcoinThe increasing market dominance of (BTC) is being followed closely. According to the latest data provided by Glassnode, Bitcoin’s market dominance, which was 38.7 percent in November 2022, increased to 56.2 percent as of August 2024. This increase in market dominance shows that investors tend to turn to the largest cryptocurrency, especially in times of uncertainty, and see Bitcoin as a safe haven in the market.
Altcoins, Stablecoins and Ethereum Market Share Decline
In the background of Bitcoin’s rise in dominance, altcoins, stablecoins and EthereumThe decline in the market share of (ETH). According to the data, since November 2022, Ethereum’s market dominance has decreased from 16.8 percent to 15.2 percent. During the same period altcoinThe share of ‘s decreased from 27.2 percent to 21.3 percent. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Stablecoin‘s were the asset class most affected by this process, with a market share falling from 17.3 percent to 7.4 percent. The table indicates that investors prefer Bitcoin over stablecoins due to liquidity problems or uncertainties during periods of risk aversion.
Bitcoin’s growing market dominance cryptocurrency marketThe data suggests that investors looking for more stability in cryptocurrencies are viewing the largest cryptocurrency as a long-term store of value. On the other hand, assets such as altcoins and stablecoins appear to be viewed as more speculative and volatile investment vehicles.
The slight decline in Ethereum’s dominance is attributed to the rise of smart contract platforms or Layer-1 scaling solutions that rival the altcoin king in the market.
Balances in the Cryptocurrency Market
On the other hand, the table also reveals how the balances in the cryptocurrency market have changed. Bitcoin, crypto money While consolidating its leadership in the market, altcoins in particular require a more careful strategy. The table reveals that investing in altcoins should be avoided, especially during periods when risk is high.
Periods when Bitcoin’s price rises sharply are usually periods when altcoins lose share, and the table confirms this situation.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
