Ethereum

Cryptocurrency

Bitcoin

when

Gains

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-gains-dominance-in-the-cryptocurrency-market/" data-wpel-link="internal">Bitcoin Gains Dominance in the Cryptocurrency Market</a><br></p>
<p style="text-align: justify">In the <a href="https://en.coin-turk.com/bitcoin-and-ethereum-outperform-sp-500-index-in-weekly-gains/" data-wpel-link="internal">cryptocurrency market</a>, Bitcoin’s (BTC) increasing market dominance is closely monitored. According to the <a href="https://newslinker.co/can-artificial-intelligence-achieve-consciousness/" target="_blank" rel="noopener" data-wpel-link="exclude">latest data</a> from Glassnode, Bitcoin’s market dominance rose from 38.7% in November 2022 to 56.2% as of August 2024. This increase in market dominance indicates that <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> tend to gravitate towards the largest cryptocurrency, especially during periods of uncertainty, viewing Bitcoin as a safe haven.</p> 
<h2 style="text-align: justify" id="strong-decline-in-market-share-of-altcoins-stablecoins-and-ethereum-strong"><strong>Decline in Market Share of Altcoins, Stablecoins, and Ethereum</strong></h2> 
<p style="text-align: justify">The rise in Bitcoin’s dominance is accompanied by a decline in the market share of altcoins, stablecoins, and Ethereum (ETH). According to the data, Ethereum’s market dominance fell from 16.8% to 15.2% since November 2022. During the same period, the share of altcoins dropped from 27.2% to 21.3%.</p> 
<p style="text-align: justify">Stablecoins were the most affected asset class, with their market share falling from 17.3% to 7.4%. This trend suggests that during periods of risk aversion, investors prefer Bitcoin over stablecoins due to liquidity issues or uncertainties.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-381712" src="https://coin-turk.com/wp-content/uploads/2024/08/bitcoin-ethereum-altcoin-stablecoin.jpeg" alt="" width="1600" height="922"></p> 
<p style="text-align: justify">Bitcoin’s increasing market dominance reveals that investors seeking more stability in the cryptocurrency market view the largest cryptocurrency as a long-term store of value. On the other hand, assets like altcoins and stablecoins appear to be considered more speculative and volatile investment tools.</p> 
<p style="text-align: justify">The slight decline in Ethereum’s dominance is attributed to the growing strength of smart contract platforms or Layer-1 scaling solutions that rival the altcoin king.</p> 
<h2 style="text-align: justify" id="strong-balances-in-the-cryptocurrency-market-strong"><strong>Balances in the Cryptocurrency Market</strong></h2> 
<p style="text-align: justify">Meanwhile, the data also highlights how the balances in the cryptocurrency market have shifted. While Bitcoin consolidates its leadership in the cryptocurrency market, altcoins, in particular, require a more cautious strategy. The data suggests that during high-risk periods, investing in altcoins should be avoided.</p> 
<p style="text-align: justify">Periods of sharp increases in Bitcoin’s price are generally when altcoins lose market share, as the data confirms.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-gains-dominance-in-the-cryptocurrency-market/" data-wpel-link="internal">Bitcoin Gains Dominance in the Cryptocurrency Market</a></h5>
<p>The post <a href="https://en.coin-turk.com/bitcoin-gains-dominance-in-the-cryptocurrency-market/" data-wpel-link="internal">Bitcoin Gains Dominance in the Cryptocurrency Market</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Bitcoin Gains Dominance in the Cryptocurrency Market

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