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Market Analysis

Bitcoin Dominance Surges, Accounting For Nearly Half of The $1T Crypto Market, Amid Altcoin Selloff

Bitcoin's dominance rate neared the 50% mark early Saturday as altcoin crash triggered a flight to safety.

Omkar Godbole
By Omkar Godbole
AccessTimeIconJun 10, 2023 at 1:56 p.m. UTC
(Getty Images)

(Getty Images)

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Bitcoin's (BTC) dominance rate or share in the total crypto market capitalization rose early Saturday, nearing the 50% mark for the first time since April 2021, according to data tracked by charting platform TradingView.

The uptick came as alternative cryptocurrencies (altcoins) like SOL, MATIC, DOGE, and ADA suffered double-digit losses amid rumors of a $2 billion portfolio dump by a proprietary trading firm.

Meanwhile, bitcoin lost just 3%. The relative outperformance perhaps stemmed from increased haven demand – investors moving money out of altcoins and into bitcoin, the world's largest and most liquid cryptocurrency.

"Bitcoin's relative dominance mooning amid altcoin market sell-off. Flight to majors (1st stage before crashes occur)," pseudonymous crypto trader and analyst @52kskew tweeted.

The dominance rate almost tested the 50% mark early Saturday. (TradingView/CoinDesk)
The dominance rate almost tested the 50% mark early Saturday. (TradingView/CoinDesk) (TradingView/CoinDesk)

BTC's dominance rate has been steadily rising since November and surged during the March U.S. banking crisis. The indicator now looks to be breaking out of its three-year oscillation pattern, a sign of continued bitcoin outperformance in months ahead, according to Decentral Park Capital's Lewis Harland.

Tether, the world's largest dollar-pegged stablecoin, also likely benefitted from Saturday's risk aversion. Its dominance rate jumped 5% to 7.82%, the highest since Jan. 8, TradingView data showed.

Edited by Aoyon Ashraf.


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Omkar Godbole
Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Follow @godbole17 on Twitter

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