đBitcoin's dominance in the cryptocurrency market has been wavering below 60%, as altcoin activity gains momentum đž. Despite a negative Funding Rate, major buyers are increasing their Bitcoin holdings, indicating a strong belief in its future potential đȘ. $BTC $DOGE đ‎ïžđȘ
However, the rise of altcoins is challenging Bitcoin's market share, leading to a decline in its dominance đ.
The fluctuation in Bitcoin's dominance is influenced by various factors, including investor sentiment, regulatory news, and technological advancements đ€. As of now, Bitcoin's dominance stands at 54.1%, calculated by dividing its market capitalization by the total crypto market capitalization đ.
A rise in dominance suggests a preference for Bitcoin's relative safety, indicating cautious market sentiment đ€. On the other hand, a decline in dominance indicates a shift towards altcoins, often seen in more speculative or bullish market conditions đ.
Traders closely monitor Bitcoin's dominance to gauge market trends and sentiment, as it helps them understand Bitcoin's influence over the market and its correlation with altcoins đ.
