This is up from a cycle low of around 54% in December. Rising BTC dominance is “clear evidence that the altcoin rally was short-lived,” Matrixport said in a post on the X platform. “It lasted barely a month, from [US President Donald] Trump’s election in November to early December, when a stronger-than-expected U.S.jobs report shifted market focus toward a more hawkish Federal Reserve,” Matrixport said. Bitcoin’s dominance typically wanes near the end of market cycles as capital rotates into altcoins — digital assets besides Bitcoin. Bitcoin dominance is back.
Bitcoin’s (BTC) dominance has crested new highs as altcoins’ short-lived rally fizzles, according to data from Matrixport, a cryptocurrency financial services platform. As of March 12, Bitcoin dominance — a measure of Bitcoin’s share of crypto’s overall market capitalization — stands at 61.2%, according to Matrixport.
Source: Matrixport Related: Bitcoin battles US sellers as CPI inflation sees first drop since mid-2024Eyeing interest ratesIn January, the US Federal Reserve opted to hold interest rates steady instead of starting another round of cuts, citing healthy US jobs data. The Fed’s hawkish tone dealt a blow to stocks and cryptocurrencies.
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Author / Journalist: Cointelegraph by Alex O’Donnell
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