Bitcoin dominance tops 50% as altcoins slump

Bitcoin’s dominance has recovered to around 50% after a pullback in August and early September. Meanwhile, the overall crypto market capitalization and the altcoin sector are slipping.

Bitcoin’s market capitalization stands at $521 billion. The asset is trading at $26,814, up 3.79% over the past week.

Despite the recovery in dominance, Bitcoin’s price is still about 17% below its June high. Meanwhile, since roughly mid-summer the coin’s market dominance continues to exceed the 2021 records.

You know what would look better than 50% #BTC dominance?

60% BTC dominance pic.twitter.com/SMYgKOIiQD

— Benjamin Cowen (@intocryptoverse) September 18, 2023

«You know what would be better than 50% Bitcoin dominance? 60% Bitcoin dominance,» wrote ITC Crypto head Benjamin Cowen.

According to Root, the share of Bitcoin held by long-term holders stands at 75.8%. The metric is approaching an all-time high.

Nearing an ATH in Long-Term Holder Supply! #Bitcoin pic.twitter.com/ewnWGIV4VS

— Root ? (@therationalroot) September 17, 2023

Total crypto market capitalization stands at $1.09 trillion, up 4.7% over the past week, according to CoinGecko. On September 12, the market experienced a significant outflow of $50 billion after Bitcoin fell below $25,000.

While digital gold has begun to show some volatility, altcoins appear to have fallen into a peculiar form of dormancy. Over the past seven days, the prices of major coins hardly moved or slipped into the red zone.

Positive momentum is seen only in Toncoin (TON), which has climbed to tenth place by market capitalization over a few days. The coin continues rapid growth amid the integration of a crypto wallet into Telegram.

Earlier, BitMEX co-founder Arthur Hayes suggested a possible brief dip below $20,000, followed by a new bullish impulse.

However, he later pointed to positive prospects for Bitcoin despite the policy of the ФРС.