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- Bitcoin’s dominance has risen above 50%, reaching a two-year high and negatively impacting altcoin prices.
- Major coins such as Ethereum, Ripple, Dogecoin, Avalanche, Solana, and Cardano have experienced price drops due to Bitcoin’s increasing dominance.
- Regulatory actions from SEC and CTFC, as well as institutional investors stepping back from altcoins, have contributed to the rise in Bitcoin’s dominance.
Bitcoin’s dominance has surged past 50%, hitting a two-year high and causing altcoin prices to suffer. Major coins like Ethereum, Ripple, Dogecoin, Avalanche, Solana, and Cardano have all experienced price drops due to the increasing dominance of Bitcoin. Regulatory actions from SEC and CTFC, as well as institutional investors stepping back from altcoins, have contributed to the rise in Bitcoin’s dominance.
Bitcoin’s Increasing Dominance Affects Altcoin Prices
Despite the rapid rise in Bitcoin’s price, altcoins have remained unresponsive and have started to lose power due to the impact of Bitcoin’s dominance. The SEC’s lawsuit against Coinbase, which recognized 13 altcoins as securities, and the announcement of large companies selling altcoins have made the situation even more critical. As a result, major coins have experienced significant changes due to Bitcoin’s dominance.
Altcoin Market Struggles to Gain an Advantage
The altcoin market, represented by TOTAL2, has dropped from $663.23 trillion to $519.77 trillion. Although TOTAL2 experienced a 25.47% drop in a short period, Bitcoin’s dominance continued to rise. At the beginning of 2023, TOTAL2 was at $432.86 trillion. As Bitcoin’s price rose from $16,500 to $30,000, TOTAL2 reached $663.23 trillion, gaining a 54.44% increase. However, the rise in Bitcoin’s dominance indicates that altcoins have not been able to gain an advantage.
Impact of Bitcoin’s Dominance on Major Altcoins
Ethereum (ETH) has fallen from $1906 to $1730 due to Bitcoin’s increasing dominance. Ripple (XRP) has also been affected, with its price dropping from $0.56 to $0.48. Dogecoin (DOGE) has experienced a decline from $0.0697 to $0.0618, while Avalanche (AVAX) has dropped from $14.83 to $11.4. Solana (SOL) has been one of the most affected altcoins, with its price falling from $22.07 to $16.05. Lastly, Cardano (ADA) has seen its price decrease from $0.38 to $0.26.
As Bitcoin’s dominance continues to rise, altcoins are struggling to maintain their value. Investors and regulators are keeping a close eye on the market to see how these trends will develop in the future.
