Bitcoin

April

Bitcoin&#8217;s dominance rate, indicating its share in the total cryptocurrency market capitalization, has neared the 50% mark. This is the first time such a shift has been observed since April 2021, according to data tracked by TradingView​.
<figure id="attachment_22007" aria-describedby="caption-attachment-22007" style="width: 2106px" class="wp-caption alignnone"><img decoding="async" class="wp-image-22007 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/06/btc-dominance-chart.png" alt="btc dominance chart" width="2106" height="1460" srcset="https://crypto.ro/en/wp-content/uploads/2023/06/btc-dominance-chart.png 1200w, https://crypto.ro/en/wp-content/uploads/2023/06/btc-dominance-chart-300x208.png 300w, https://crypto.ro/en/wp-content/uploads/2023/06/btc-dominance-chart-1024x710.png 1024w, https://crypto.ro/en/wp-content/uploads/2023/06/btc-dominance-chart-768x532.png 768w, https://crypto.ro/en/wp-content/uploads/2023/06/btc-dominance-chart-1536x1065.png 1536w, https://crypto.ro/en/wp-content/uploads/2023/06/btc-dominance-chart-750x520.png 750w, https://crypto.ro/en/wp-content/uploads/2023/06/btc-dominance-chart-1140x790.png 1140w" sizes="(max-width: 2106px) 100vw, 2106px" title="Bitcoin nears 50% market dominance 1"><figcaption id="caption-attachment-22007" class="wp-caption-text">Bitcoin’s dominance since April 2021 | TradingView</figcaption></figure>
This surge in <a href="https://crypto.ro/en/news/bitcoins-market-dominance-slips-as-ethereum-hits-12-month-high-post-shanghai-upgrade/">Bitcoin&#8217;s dominance</a> comes in the wake of significant losses suffered by various alternative cryptocurrencies (altcoins) like <a href="https://crypto.ro/en/news/robinhood-announces-delisting-of-cardano-polygon-and-solana/">SOL, MATIC, ADA</a>, and DOGE. The source of this downturn could be linked to a proprietary trading firm, Scimitar Capital&#8217;s, hefty liquidation of $2 billion from their crypto holdings, as suggested by Danny Lucas on Twitter.
<blockquote class="twitter-tweet">
Scimitar Capital liquidated $2bn of their crypto holdings, which might have been the direct cause of this sudden drop.<a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#crypto</a> <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#bitcoin</a> <a href="https://t.co/MJeq7h8HzH" rel="nofollow" target="_blank">pic.twitter.com/MJeq7h8HzH</a>
— Danny Lucas (@realDannyLucas_) <a href="https://twitter.com/realDannyLucas_/status/1667441806601068545?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 10, 2023</a></blockquote>
This substantial move from the firm has likely fueled the market rumblings, leading these altcoins to experience steep double-digit losses.
However, <a href="https://crypto.ro/en/bitcoin/">Bitcoin</a> managed to contain its losses to just 3%, possibly due to increased haven demand. As investors move their capital out of altcoins and into Bitcoin, the world&#8217;s largest and most liquid cryptocurrency, its relative dominance appears to be &#8220;mooning&#8221; according to a tweet from a crypto trader and analyst Skew​​.
<blockquote class="twitter-tweet">
<a href="https://twitter.com/search?q=%24BTC.D&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$BTC.D</a> 
Bitcoin&#8217;s relative dominance mooning amid altcoin market sell off
Flight to majors (1st stage before crashes occur) <a href="https://t.co/fQVErhrLQq" rel="nofollow" target="_blank">pic.twitter.com/fQVErhrLQq</a>
— Skew Δ (@52kskew) <a href="https://twitter.com/52kskew/status/1667442341182074880?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 10, 2023</a></blockquote>
The steady rise in Bitcoin&#8217;s dominance rate has been observed since November, with a notable surge during the March <a href="https://crypto.ro/en/news/tethers-usdt-stablecoin-surges-to-record-market-cap-as-competitors-face-regulatory-hurdles/">U.S. banking crisis</a>.
<blockquote>&#8220;The indicator now looks to be breaking out of its three-year oscillation pattern, a sign of continued Bitcoin outperformance in the months ahead,&#8221; stated Lewis Harland from Decentral Park Capital​.</blockquote>
Interestingly, Tether, the world&#8217;s largest dollar-pegged stablecoin, also appears to have benefitted from the recent risk aversion in the crypto market. Its dominance rate has jumped 5% to 7.82%, the highest since January 8, as per <a href="https://www.tradingview.com/chart/2yxD5vWJ/?symbol=CRYPTOCAP%3AUSDT.D" rel="nofollow noopener" target="_blank">TradingView</a> data​.
<figure id="attachment_22008" aria-describedby="caption-attachment-22008" style="width: 2449px" class="wp-caption alignnone"><img decoding="async" class="wp-image-22008 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/06/USDT-Dominance-Chart.png" alt="USDT Dominance Chart" width="2449" height="1217" srcset="https://crypto.ro/en/wp-content/uploads/2023/06/USDT-Dominance-Chart.png 1200w, https://crypto.ro/en/wp-content/uploads/2023/06/USDT-Dominance-Chart-300x149.png 300w, https://crypto.ro/en/wp-content/uploads/2023/06/USDT-Dominance-Chart-1024x509.png 1024w, https://crypto.ro/en/wp-content/uploads/2023/06/USDT-Dominance-Chart-768x382.png 768w, https://crypto.ro/en/wp-content/uploads/2023/06/USDT-Dominance-Chart-360x180.png 360w, https://crypto.ro/en/wp-content/uploads/2023/06/USDT-Dominance-Chart-750x373.png 750w, https://crypto.ro/en/wp-content/uploads/2023/06/USDT-Dominance-Chart-1140x567.png 1140w" sizes="(max-width: 2449px) 100vw, 2449px" title="Bitcoin nears 50% market dominance 2"><figcaption id="caption-attachment-22008" class="wp-caption-text">USDT Dominance Chart | TradingView</figcaption></figure>

Bitcoin nears 50% market dominance

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