Bitcoin saw a notable increase in its price throughout the past 24 hours. However, large-cap cryptocurrencies failed to gain any serious grounds against BTC as all top 20 altcoins have decreased in value over the same period. At the same time, Bitcoin’s dominance is also increasing substantially during the past four days.
Altcoins Un-Season: Majors Lose Against Bitcoin
The last few days have been relatively impressive in terms of price actions on the cryptocurrency market. While Bitcoin went on a swing, gaining about $500 in the last 24 hours, large-cap altcoins failed to capitalize against it.
In fact, all of the top 20 cryptocurrencies have decreased in value when trading against Bitcoin.
As seen in the chart above, the losses are fairly insignificant, ranging between 0.5% and 3%. Some of the most significant losers include Stellar that’s down 3.2%, LINK, down about the same amount, and TRX, which lost about 3%.
Bitcoin’s Dominance On The Rise
Bitcoin’s dominance is the index that tracks the overall percentage of Bitcoin relative to the total market capitalization. At the time of this writing, it stands at 65.3%, which is almost 4% up in the past four days alone.
This means that altcoins are failing to claim new grounds, hinting that an altcoin season is far from being present.
It’s certain that the altcoin market also felt the impact of the global financial crisis sparked by the outbreak of the novel coronavirus (COVID-19). In March, major altcoins crashed massively following in the footsteps of Bitcoin.
However, the signs of recovery are already here. From a low of about $119 billion on March 12th, the total market capitalization increased by almost $70 billion to $187 billion, where it currently stands. That’s a growth of 57%.
Bitcoin’s halving is also right around the corner. It is speculated that with it will come a serious increase in the value of BTC as its supply will be substantially reduced. Whether or not altcoins would surge with it, however, is something that we have yet to find out.
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