Bitcoin’s share of the crypto market has climbed to the highest level since May, even as prices across the wider market weaken.
The cryptocurrency’s dominance rate, its contribution to the total market value of digital assets, reached 60% on Wednesday and remains near that level. The move signals a renewed preference for BTC, with investors favoring the largest cryptocurrency over alternative coins.
The rise in dominance comes amid muted price action. Bitcoin slipped below $82,000 on Thursday, reversing Wednesday’s brief push above $84,000. On a seven-day basis, BTC and most other major tokens — including ether , XRP (XRP) and solana (SOL) — were largely little changed to positive, with zcash (ZEC) the only major coin to advance more than 10%.
Smaller tokens, however, have seen bigger declines. The CoinDesk Memecoin Index fell more than 5%, while the CoinDesk Computing Select Index dropped 3.5% and the DeFi Select Index lost 2.5%.
Analysts say the market is awaiting a fresh catalyst.
“The earlier period of crypto outperformance has given way to closer alignment with equities as investors wait for a fresh catalyst within the sector,” Joel Kruger, a market strategist at LMAX Group said in an email.
www.coindesk.com