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Bitcoin dominance hits yearly high as altcoins drop

  • Bitcoin dominance is currently 46 percent, the highest since October last year.
  • According to data from Tradingview, BTC dominance was below 40 percent until January.
  • Dominance measures the volume of Bitcoin market cap within the overall market.
  • The high bitcoin dominance reflects the downtrend of many altcoins.
  • BTC market cap percentage rising higher indicates risk aversion behavior during market downturns.
  • Investors are therefore more likely to place their investments in Bitcoin.
  • Therefore, a high value is also a sign that Altcoin demand is falling.
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Mehmet S. Kaya
Mehmet S. Kayahttps://teknonel.com
Mehmet is one of the administrator of Teknonel. As a software developer, he loves to share his knowledge in related topics. He is highly familiar with the editorial process from the inception of an article idea, through the iterative process, publishing, and performance analysis as well as product reviews.

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