Bitcoin's dominance rate is again stuck at 48%, suggesting a potential for an 'altcoin boom' in the weeks ahead. reports godbole17.
, or the largest cryptocurrency's share of the market, has halted, hinting at the potential outperformance of alternative tokens ahead.
Data from TradingView show the dominance rate rose to 48% from 42% in the first quarter and has struggled to surpass that level so far this month. The metric has oscillated between 38% and 48% for almost two years, with declines from 46%-48% coinciding with outsized gains in altcoins. "Bitcoin’s dominance could peak out, this would signal that altcoins would outperform," Markus Thielen, head of research and strategy at crypto services provider Matrixport, said in a note to clients on Thursday.The chart shows that the total market cap of altcoins rose more than 60% to $1.39 trillion in two months after the BTC dominance rate turned lower from 48% in July 2021.
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