Bitcoin (BTC) Dominance Declines as Altcoins Rise
Bitcoin's dominance in the cryptocurrency market is slipping, now at 48%, as alternative digital assets gain value.
Ethereum holds 17% dominance, aiming for its all-time high of $4,891.70. Stablecoins see a 5% rise in dominance.
Despite Bitcoin’s large share, its influence is waning, signaling a broader shift in investor focus. Market liquidity is increasing, notably in stablecoins.
Ethereum stablecoins’ circulating supply rises by 0.44% weekly, boosting liquidity for various cryptocurrencies. Analysts anticipate positive market growth.
Crypto Market Liquidity Surges, Surpasses All-Time High
“The increase in stablecoin supply can indicate purchase demand not only for #Bitcoin but also for other coins, and to that extent, the current market atmosphere can be interpreted as positive.” – By @DanCoinInvestor
Link… pic.twitter.com/mSzvkmbOog
— CryptoQuant.com (@cryptoquant_com) March 11, 2024
Factors influencing Bitcoin and Ethereum include ETF inflows and the Bitcoin halving event. Ethereum’s upcoming Dencun Upgrade is expected to drive adoption, increasing demand.
READ MORE: London Stock Exchange to Accept Bitcoin and Ethereum ETN Applications
Despite uncertainties about a spot Ethereum ETF, optimism remains high. This may lead to further price increases for both Bitcoin and Ethereum.
The cryptocurrency market continues to evolve rapidly, with investors closely monitoring developments for potential opportunities.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
