The cryptocurrency market experienced a significant rally last week, with Bitcoin’s dominance by surpassing the $64,790 mark. This surge provided a much-needed boost for short-term speculators, although the momentum began to ease by the time of writing.
Altcoins Struggle as Bitcoin Dominates
While several altcoins, including TRON, Avalanche (AVAX), and Chainlink (LINK), recorded impressive gains ranging from 20% to 30% within just seven days, Bitcoin’s dominance over the market remains unchallenged. The Altcoin Season Index reflects this, currently tipping the scale in favour of Bitcoin with a reading of 22. The last time altcoins came close to challenging Bitcoin’s dominance was in January 2024, but since then, Bitcoin has continued to command the lion’s share of investor attention.
Current Market Dynamics
At the time of writing, Bitcoin is trading at $63,850 with a market cap of $1.26 trillion, representing 56.3% of the entire crypto market. Despite the gains in altcoins, Bitcoin’s dominance trend continues, raising questions about the future performance of altcoins. While some, like Sun Token and memecoins Dogwifhat (WIF) and POPCAT, have seen significant gains, the overall market still leans heavily towards Bitcoin.
