Bitcoin
Bitcoin dominance hits record high amid market sell-off by U.Today
U.Today – Market cap dominance has reached 54.5, according to data provided by TradingView. This marks the highest value in this metric for Bitcoin since July 2021.
A coin’s dominance is a ratio of its market capitalization to the cumulative cryptocurrency market capitalization. It is calculated by dividing the coin’s market capitalization by the overall market capitalization of the top 125 coins and multiplying by 100.
The fact that Bitcoin has reached a three-year high in dominance could indicate a potential rally for altcoins.
Glassnode’s co-founders support this view based on the risk in the market. This suggests that investors are betting on riskier assets that are likely to yield higher returns.
Analysts pointed to the fact that the tech-heavy stock fell 2% on Thursday. For comparison, the iShares ETF (IWM), an index that is comprised of small-cap stocks, rose more than 3%.
This indicates that investors are betting on riskier assets that are more likely to generate higher returns.