For months, Bitcoin stole the show when it came to crypto, sucking the capital out of the altcoin market. Shortly after the top cryptocurrency started its pullback, profits began to flow back into altcoins that have since been soaring over the last month.
BTC dominance shows how down to the wire the fight between Bitcoin and altcoins has become. Just one line is left separating a continued surge into full-blown alt season, or the top cryptocurrency approaching total dominance.
BTC Dominance Hovers At Two-Thirds Market Share
Cryptocurrencies are no longer just currencies; they are the building blocks of decentralized finance, a way to keep transactions private, and much more.
Bitcoin itself is still considered an experiment, but that stigma is disappearing by the day as institutions buy into the scarce asset as a safe haven. Altcoins, sans a few with present day utility, are still far more speculative, illiquid, volatile, and risky.
When Bitcoin and altcoins exploded into public view in 2017, the first-ever cryptocurrencys longevity and adoption helped it weather the top crypto winter far better. From top to bottom, it fell 84%, but by comparison, altcoins dropped much further.
When this all happened, Bitcoin went from being the only kid on the block, to representing only 35% of the entire market share. But since then, altcoins have been in a downtrend against Bitcoin that is reaching a pivotal moment. And its all resting on just one line.
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