Investors Are Moving Away From Altcoins Towards Bitcoin

  • Glassnode data reveals interesting trends in the Bitcoin market. While BTC’s liquidity-decreasing supply continues to expand, Bitcoin dominance is increasing.
  • The illiquid Bitcoin supply is steadily increasing at a rate of +119,000 BTC per month.
  • Bitcoin dominance is rising and currently stands at 47.6%. This represents a 7.6% increase since the beginning of the year.

Bitcoin continues to decline, but according to the data, investors are shifting their capital from altcoins to Bitcoin and major cryptocurrencies.

Investors Shifting Their Capital to Bitcoin

Bitcoin (BTC) (36)

Glassnode data reveals interesting trends in the Bitcoin market. While BTC’s liquidity-decreasing supply continues to expand, Bitcoin dominance is increasing. These developments indicate a strong inclination towards HODLing (long-term holding strategy) and a shift of capital from altcoins to major cryptocurrencies.

According to Glassnode, the illiquid Bitcoin supply is steadily increasing at a rate of +119,000 BTC per month. This means that more coins are accumulating in wallets with minimal transaction history, reinforcing the dominance of HODLing as the prevailing market dynamic.

This trend indicates that a significant portion of BTC holders prefer to hold their coins rather than actively trading or selling them.

likit-olmayan-bitcoin-arzı

In parallel, Bitcoin dominance is rising and currently stands at 47.6%. This represents a 7.6% increase since the beginning of the year. This upward trend indicates a continuous conversion of capital from altcoins to major cryptocurrencies.

As investors seek liquidity and stability, they prefer Bitcoin, the oldest and most liquid crypto asset.

bitcoin-dominance

Bitcoin Price Movement

Bitcoin has experienced some fluctuations in price, showing a 0.33% increase in the past hour. However, it has seen a 4.41% decrease in the past 24 hours and dropped below $25,000.

Following the Federal Reserve’s interest rate decision, BTC failed to stay in positive territory and fell below $25,500, marking a new low on a weekly basis. This occurred in conjunction with the Federal Reserve halting its interest rate hikes in the past 15 months.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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