{"id":29414,"date":"2024-09-18T09:27:26","date_gmt":"2024-09-18T06:27:26","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=29414"},"modified":"2024-09-18T09:27:26","modified_gmt":"2024-09-18T06:27:26","slug":"bitcoin-dominance-reaches-multi-year-high-what-it-means-for-altcoins","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-dominance-reaches-multi-year-high-what-it-means-for-altcoins\/","title":{"rendered":"Bitcoin Dominance Reaches Multi-Year High: What It Means for Altcoins"},"content":{"rendered":"

Bitcoin\u2019s market dominance has reached a new all-time high as it continues to strengthen at the expense of altcoins. As of September 16, Bitcoin\u2019s market dominance rose to 58%. This is the highest level since April 2021 and has been steadily increasing for the past two years.<\/p>\n

After the FTX crash in November 2022, BTC dominance fell below 40% and the subsequent bear market pushed Bitcoin to $16,000. However, since then, BTC dominance has been on an upward trend and BTC\u2019s market share has increased, especially as altcoins like Ethereum have been losing market share.<\/p>\n

Ethereum\u2019s dominance has fallen below 14% for the first time this week, a three-and-a-half-year low, after falling by 30% in the past year. This further increased Bitcoin\u2019s market share.<\/p>\n

Will Bitcoin Dominance Decline?<\/h2>\n

On September 16, analyst \u2018Rekt Capital\u2019 noted that Bitcoin\u2019s market dominance had closed at 57.68% for the week, marking the first time it had broken above a major support\/resistance level since April 2019. The analyst said that the last time such a close occurred, it started a multi-month uptrend in Bitcoin dominance, reaching as high as 71%.<\/p>\n

Might interest you: What is Binance Seed Tag?<\/a><\/em><\/p>\n

In early 2021, BTC dominance hit 70%, but it quickly fell to 40% during that year\u2019s altcoin season. Some analysts, however, suggest that Bitcoin dominance has peaked and a pullback could kick off an altcoin season this cycle.<\/p>\n

Analyst \u2018Cryptollica\u2019 told his 30,000 X followers that Bitcoin\u2019s dominance could fall to 35% by mid-2025. Similarly, crypto YouTuber Kyle Doops stated in a post on September 17 that this significant change will affect market trends and could shape the altcoin season.<\/p>\n

Steven Cook, founder and CIO of Dira Capital, stated that despite the recent discussions on Bitcoin dominance, this movement is close to completion. Cook predicted that BTC dominance could rise above 60% for a few more months, but added that assessments on this should have been made approximately two years ago.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s market dominance has reached a new all-time high as it continues to strengthen at the expense of altcoins. As of September 16, Bitcoin\u2019s market dominance rose to 58%. This is the highest level since April 2021 and has been steadily increasing for the past two years. After the FTX crash in November 2022, BTC<\/p>\n","protected":false},"author":6,"featured_media":26851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[61,4624,8659],"class_list":["post-29414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitcoin","tag-bitcoin-dominance","tag-bitcoin-dominance-rise"],"yoast_head":"\nBitcoin Dominance Reaches Multi-Year High: What It Means for Altcoins - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-dominance-reaches-multi-year-high-what-it-means-for-altcoins\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Dominance Reaches Multi-Year High: What It Means for Altcoins - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Bitcoin\u2019s market dominance has reached a new all-time high as it continues to strengthen at the expense of altcoins. 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