Bitcoin Dominance Climbs to 2023 High as Altcoin Anguish Persists

Bitcoin's market dominance reached its highest level in 2023 at 52.17%, a steady increase from 42% at the start of the year.

The total crypto market capitalization remains around $1.1 trillion, indicating Bitcoin's market share growth is at the expense of altcoins.

As Bitcoin's halving approaches, it continues to attract liquidity and attention, despite predictions of a final flush-out.

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Bitcoin is usually a first mover in major market cycles, with altcoins lagging behind. This has been particularly evident in the current cycle, with most altcoins still languishing 80-90% down from their peaks.

Bitcoin Dominance Over 50%

Bitcoin dominance has reached its highest level in 2023 this week at 52.17%, according to TradingView. It topped 50% in late June but fell back to 49% in August.

On January 1, BTC’s market share was just 42% so it has been steadily increasing all year in a clear uptrend.

Moreover, BTC dominance dipped below 40% in late November following the fallout of the FTX collapse. The last time it was higher than current levels was in early April 2021, six months before the bull market peak.