CandleFocus Uptrend in Bitcoin's Dominance Rate Threatened by Fed Rate Cut Cycle, Crypto Asset Manager Says
2024-10-10
Author: Content Editor
Crypto asset manager SwissOne Capital suggests that the ongoing uptrend in Bitcoin's dominance rate may be at risk due to the recent rate-cutting cycle initiated by the US Federal Reserve (Fed). The dominance rate, which measures Bitcoin's share of the total market capitalization, has increased from 38% to 58% in the past two years. However, SwissOne Capital argues that the correlation between Bitcoin's dominance rate and the Fed Funds rate is positive, meaning that as the Fed continues to cut rates, Bitcoin's dominance rate may decrease. The previous rate-cutting cycles have shown a decline in the dominance rate. The surge in stablecoin market capitalization, which currently stands at $172 billion, may also contribute to a potential topping out of Bitcoin's dominance rate before a major reversal. Traders are expecting the Fed to reduce rates by another 25 basis points by the end of the year.
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