Bitcoin’s dominance in the cryptocurrency market has declined to 60.96%, signaling a structural shift as alternative digital assets (altcoins), particularly Ethereum and Chainlink, demonstrate renewed strength.
Ethereum’s dominance also fell significantly from a recent high of 66% to the current 60.96%. This shift accompanies substantial weekly price increases for leading altcoins, with Ethereum rising 25.6% and Chainlink surging 26.85%.
The altcoin resurgence is fueled by specific catalysts, including technological advancements like zkEVM upgrades boosting Ethereum, and heightened demand for Chainlink’s decentralized oracle solutions. Growing investor confidence is further reflected in the ETH/BTC price ratio climbing to 0.0318.
Supporting altcoin trading activity, stablecoin liquidity experienced notable expansion. Weekly trading volume involving stablecoins reached $364 billion. The spot-to-perpetual trading ratio simultaneously surged to 0.26, marking its highest level in several months.
Amidst the shifting market dynamics, on-chain data reveals a significant portion of Bitcoin’s supply remains inactive. Over 30% of Bitcoin has not moved for at least five years, with an estimated 7.5% considered permanently lost.