Bitcoin (BTC) has recently lost against altcoins. Altcoins like Ethereum (ETH) are simply outperforming Bitcoin, and as a result, the king of cryptocurrencies is taking up a smaller and smaller market share. Bitcoin dominance has now reached a lower low for the first time in more than a year.
Here’s how to convince your relatives to eat Bitcoin for Christmas dinner
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Bitcoin Dominance Falls 4% in 20 Days
Bitcoin dominance has been on a strong upward trend since the beginning of the year. Over the past year, the focus of crypto investors has been primarily on Bitcoin, largely due to the possible launch of Bitcoin exchange funds or spot funds Exchange-traded funds (ETFs).
Since September last year, a positive trend has been evident, characterized by ever higher highs and lows. However, yesterday Bitcoin dominance hit a lower low for the first time in more than a year. Dominance fell below 51.71 percent, which corresponds to low was from mid-November.
#Bitcoin Dominance has hit its first low in over a year 🚨
It has been in an uptrend consisting of higher highs and higher lows for over a year pic.twitter.com/Q9fWKD1GDM
– Matthew Hyland (@MatthewHyland_) December 26, 2023
Since then, dominance has fallen even further, to an all-time low of 51.11 percent. This is the lowest level since October 16th. Notably, Bitcoin dominance reached an annual high of 55.26 percent on December 6th.
📉 #BitcoinBitcoin’s market dominance has fallen 4% in 20 days, triggering a low season as investors shifted capital into altcoins for higher volatility profits.
The Bitcoin Dominance Index (BTC.D) fell to 51.43%, its lowest level since October 16, signaling a shift from BTC to various crypto assets. pic.twitter.com/lEliG69FpU
— Satoshi Club (@esatoshiclub) December 27, 2023
Bitcoin dominance is calculated by dividing the Bitcoin market cap by the total crypto market cap. A decline in dominance means investors are putting more capital into other cryptocurrencies.
Bitcoin vs. Ethereum and other cryptocurrencies
Bitcoin dominance suffered a major blow today. The day started with a dominance of 51.74 percent but is now at 51.44 percent. As already mentioned, a low of 51.11 percent was reached.
While Bitcoin is “only” up 2.54 percent compared to 24 hours ago, several major altcoins saw a larger price jump. For example, Ethereum (ETH) rose 6.40 percent, Build ‘n Build (BNB) rose 5.59 percent, and Cardano (ADA) rose 6.81 percent.
The expected approval of several Bitcoin exchange funds is scheduled for early January. Most in crypto land are convinced by the positive feedback from the USA Securities and Exchange Commission (SEK). Perhaps this will bring Bitcoin back into the center of attention, which would of course benefit its dominance.
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