• 16 July, 2024
Market News

Bitcoin Dominance Spiked 47% In March; Does It Mean Correction in Alternate Coins ?

Most often the rise in the Altcoins lags behind BTC because of less volatile nature of the latter

Bitcoin dominance surged above 47% in March till now amid the current US banking turmoil. Bitcoin price surged above the $28,000 mark, highest level in nine months. In the past week, the pioneer crypto currency jumped 15%, trading flat over the past session.

What is Bitcoin Dominance

Bitcoin dominance is the ratio of Bitcoin’s market cap to the broader crypto market. In other terms, a percentage value that is calculated based on BTC’s current market capitalization divided by the global crypto market cap.

Source: Trading view

Bitcoin emerged as a major beneficiary of the recent chaos in the financial markets. As can be seen on the chart, the Bitcoin dominance is paused near 48. This can be used to analyze whether altcoins are performing better,worse, or similar to Bitcoin.

Currently, the Bitcoin is enjoying the attention of investors, indicating the capitalization of bitcoin is growing faster than other crypto currencies. Bitcoin has gained more than 45% since March 10, while Ethereum added only 31% gains. 

However, the altcoin season index ranges between 0 and 100. As of writing, the value of the index is at 25. This is indicative that in the near future, the capitalization of altcoins will grow faster than Bitcoin’s.

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