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Reading: Bitcoin Dominates Market as Altcoins Struggle to Keep Up
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COINTURK NEWS > Altcoin News > Bitcoin Dominates Market as Altcoins Struggle to Keep Up
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Bitcoin Dominates Market as Altcoins Struggle to Keep Up

In Brief

  • Bitcoin maintains a significant growth advantage over altcoins.

  • Investor confidence in Bitcoin remains strong amidst rising market dominance.

  • Altcoins are struggling to recover in a challenging market environment.

Fatih Uçar
Fatih Uçar 6 months ago
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Bitcoin’s (BTC) dominance in the market appears unlikely to decline soon, given its recent growth performance. According to Ki Young Ju, founder and CEO of Cryptoquant, Bitcoin’s total market value has increased by 37%, while large-cap altcoins grew by only 16%, and mid and small-cap altcoins managed a mere 10% rise. Currently, Bitcoin’s market dominance (BTC.D) stands at 58.20%, showing a slight decline of 0.02% over the past 24 hours.

Contents
Bitcoin Grows Faster than AltcoinsAltcoin Recovery Appears Challenging

Bitcoin Grows Faster than Altcoins

Bitcoin $104,228 continues to significantly outpace altcoins in terms of growth rate. Large-cap altcoins are growing at only half the rate of Bitcoin’s market value increase, while mid and small-cap altcoins lag even further behind.

Bitcoin Market

Aside from the memecoin season in April, altcoins have struggled to match Bitcoin’s growth rate. Investors viewing Bitcoin as a safe haven have fueled this robust growth.

The rise in Bitcoin’s market dominance reflects broader trends within the cryptocurrency market. Positioned as a more stable and robust asset, Bitcoin remains the priority choice for many investors. The sluggish growth of the altcoin market indicates a decrease in risk appetite among traders.

Altcoin Recovery Appears Challenging

Currently, altcoins can only surpass Bitcoin in short-term trends. For example, the popularity of memecoins in April led to a brief surge in the altcoin market, but outside of that period, altcoins have significantly lagged in growth.

With Bitcoin’s market dominance hovering around 58%, it indicates a strong shift of investor interest toward Bitcoin. Ju notes that it may take time for the altcoin market to recover, especially given the current low risk appetite, suggesting that Bitcoin’s strong position is likely to persist.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 29 November, 2024 - 2:44 pm 29 November, 2024 - 2:44 pm
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