Altcoins have been struggling in recent weeks as Bitcoin's dominance in the cryptocurrency market has surged. On-chain analytics firm Glassnode co-founders Jan Happel and Yann Allemann recently tweeted that Bitcoin's dominance has been rising rapidly since it broke below $100,000, while most altcoins have been breaking down from key support levels. If Bitcoin stabilizes above $100,000, altcoins could see some relief. However, until then, experts expect a Bitcoin-centric market. The dominance of Bitcoin in the cryptocurrency market is a measure of its market capitalization relative to the total market capitalization of all cryptocurrencies. Bitcoin's dominance has been rising steadily since the beginning of the year and is now at its highest level since May 2021. There are a number of factors that have contributed to the rise in Bitcoin's dominance. One factor is the uncertainty in the global economy. As investors seek safe haven assets, they have been flocking to Bitcoin, which is seen as a store of value. Another factor is the increasing institutional adoption of Bitcoin. Major financial institutions are now offering Bitcoin-related products and services, which is making it more accessible to mainstream investors. The rise in Bitcoin's dominance has had a negative impact on altcoins. Many altcoins have lost value in recent weeks as investors have shifted their funds into Bitcoin. This trend is likely to continue until Bitcoin stabilizes or altcoins start to show signs of strength.

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