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0.06%USDT
$1.0002
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+
4.30%BNB
$645.96
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0.04%SOL
$146.67
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2.62%USDC
$0.9997
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0.02%TRX
$0.2754
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1.52%DOGE
$0.1619
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1.47%ADA
$0.5582
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1.07%HYPE
$36.74
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0.10%WBT
$46.73
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1.23%BCH
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0.80%SUI
$2.7411
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2.49%LINK
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0.95%LEO
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0.39%AVAX
$17.64
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1.17%XLM
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Bitcoin Dominance Surges, Accounting For Nearly Half of The $1T Crypto Market, Amid Altcoin Selloff
Bitcoin's dominance rate neared the 50% mark early Saturday as altcoin crash triggered a flight to safety.
Bitcoin's
dominance rate or share in the total crypto market capitalization rose early Saturday, nearing the 50% mark for the first time since April 2021, according to data tracked by charting platform TradingView.The uptick came as alternative cryptocurrencies (altcoins) like SOL, MATIC, DOGE, and ADA suffered double-digit losses amid rumors of a $2 billion portfolio dump by a proprietary trading firm.
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Meanwhile, bitcoin lost just 3%. The relative outperformance perhaps stemmed from increased haven demand – investors moving money out of altcoins and into bitcoin, the world's largest and most liquid cryptocurrency.
"Bitcoin's relative dominance mooning amid altcoin market sell-off. Flight to majors (1st stage before crashes occur)," pseudonymous crypto trader and analyst @52kskew tweeted.
BTC's dominance rate has been steadily rising since November and surged during the March U.S. banking crisis. The indicator now looks to be breaking out of its three-year oscillation pattern, a sign of continued bitcoin outperformance in months ahead, according to Decentral Park Capital's Lewis Harland.
Tether, the world's largest dollar-pegged stablecoin, also likely benefitted from Saturday's risk aversion. Its dominance rate jumped 5% to 7.82%, the highest since Jan. 8, TradingView data showed.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
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