The recent decline in the crypto market, particularly affecting major altcoins like Ethereum, Solana, and XRP, has driven investors back to Bitcoin. As per data from TradingView, Bitcoin’s market dominance has increased by 6% over the past week, currently standing at 60%. This rise can be attributed to the dip in Bitcoin dominance to around 55%, following Donald Trump’s election victory in November.
At that time, analysts anticipated an “altseason,” where altcoins would outperform Bitcoin, leading to a decrease in Bitcoin dominance. However, recent policy changes by the Federal Reserve have caused widespread price drops across the crypto market, causing investors to seek refuge in Bitcoin once again.
As a result, the Altcoin Index dropped to 43 as of Dec. 20, suggesting the end of the alt season.
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