Bitcoin Dominance Declines to 60.96% Amid Growing Altcoin Momentum and Market Rotation
Main Idea
Bitcoin's market dominance has declined to 60.96% as altcoins like Ethereum and Chainlink gain momentum, driven by technological upgrades and increased investor confidence, while stablecoin liquidity fuels altcoin market expansion.
Key Points
1. Bitcoin dominance fell below 61%, signaling a structural market shift, while Ethereum dominance dropped from 66% to 60.96%.
2. Ethereum and Chainlink led the altcoin resurgence with weekly price increases of 25.6% and 26.85%, respectively, due to zkEVM upgrades and demand for decentralized oracle solutions.
3. The ETH/BTC ratio rose to 0.0318, reflecting growing investor confidence in Ethereum's market potential.
4. Stablecoin liquidity expanded, with weekly volumes reaching $364 billion and a spot-to-perpetual trading ratio surge to 0.26, the highest since March.
5. Over 30% of Bitcoin's supply has been dormant for five years, with 7.5% considered permanently lost.
Description
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