CandleFocus Bitcoin Market Dominance Jumps Near 60%, Raising Speculations about Altcoins
2024-11-07
Author: Content Editor
The market share of Bitcoin is nearing 60%, its highest level since April 2021. This dominance raises speculations about the altcoin sector, as noted by Vivien Lin, the Head and CPO of BingX. Many investors consider Bitcoin a "safe haven" during uncertain times, which draws in more investors. The rise in Bitcoin's market share is fueled by macroeconomic factors such as anticipated policy changes and potential interest rate cuts. Bitcoin's stability during volatile phases and its status as "digital gold" attracts institutional and traditional finance investors. However, this spike in Bitcoin's market share is concerning for altcoins, as capital flow may shift away from minor assets, impacting their liquidity.
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