Bitcoin’s dominance has climbed to its highest level since May, hitting 60% of the total crypto market value on Wednesday — even as prices across the broader market weaken. According to CoinDesk’s Daybook newsletter, the shift signals traders rotating out of altcoins and back into the largest cryptocurrency as a shelter.
The rise 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 major tokens — including Ether, XRP and Solana — were little changed to positive, with Zcash (ZEC) the only major coin advancing more than 10%.
Bitcoin (Credits: CoinDesk)
Altcoins Slide as ETF Flows Wobble
Smaller tokens have taken the harder hits: the CoinDesk Memecoin Index fell more than 5%, the Computing Select Index dropped 3.5%, and the DeFi Select Index lost 2.5%. Meanwhile, spot ETF flows are wobbling, adding to the cautious mood. Market strategist Joel Kruger of LMAX Group told CoinDesk that crypto’s earlier outperformance “has given way to closer alignment with equities” as investors wait for a fresh catalyst within the sector.
Bitcoin Scarcity in Focus as Macro Dominates
Kruger added that the global macroeconomic situation remains the dominant influence on markets, and Bitcoin’s scarcity could help it sustain potential jitters in global equity markets. With dominance at multi-month highs and altcoins bleeding, the message from traders is clear: in uncertain conditions, capital is retreating to BTC. As always, this is a market report, not financial advice — crypto remains volatile and unpredictable.
Also Read: Asian Stocks Tumble, Bitcoin Retreats Toward $82,000 as China Enters Bear Market | China Moves to Seize 61,800 Bitcoin Tied to $5.7 Billion Fraud Scheme
Source: CoinDesk — read the full story there.
