Odaily Planet Daily News According to Decrypt, Glassnode's latest report shows that Bitcoin's market dominance has climbed to 56% of the total market value of cryptocurrencies, a sharp increase from 38.7% in November 2022. Despite recent price fluctuations, long-term holders remain steadfast in accumulating Bitcoin. Data shows that "hoarding" behavior significantly exceeds "spending" behavior, especially Bitcoin acquired after hitting an all-time high in March 2024. Ben El-Baz, managing director of HashKey Global, said that this trend reflects the increased confidence of mainstream investors, who prefer Bitcoin as a stable investment rather than more volatile altcoins such as Ethereum. However, short-term holders face unrealized losses, and the STH-MVRV ratio has fallen below the equilibrium value of 1.0. Experts point out that the rise in Bitcoin's dominance may stimulate the growth of the entire cryptocurrency market. It is worth noting that Ethereum's dominance has dropped from 16.8% to 15.2%, and other altcoins have fallen more, from 27.2% to 21.3%. Industry insiders predict that altcoins such as Ethereum may face greater challenges between 2024 and 2025.