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Cryptocurrency News Articles
Bitcoin Dominance Reaches Highest Market Share Since April 2021: ITB Insights
Oct 07, 2024 at 05:00 pm
Rising to its greatest market share since April 2021, Bitcoin has had a notable comeback in 2024. IntoTheBlock data show that
Bitcoin’s market share has risen to its highest level since April 2021, reaching 54% in Q3 2024. This is due to the difficulties encountered by altcoins throughout the year, as highlighted by IntoTheBlock data.
While other cryptocurrencies, such as Ethereum and lesser altcoins, experienced significant price losses, Bitcoin’s resilience as a more stable and reliable digital asset is evident in this recovery.
In fact, Ethereum’s market share dropped to only 13%, making this year challenging for the second-largest cryptocurrency.
BTC’s market share reached its highest since April 2021 this quarter. Bitcoin’s price traded mostly sideways throughout the quarter, while ETH and smaller tokens set new yearly lows in terms of price. pic.twitter.com/TTEX7W4Yf2
— IntoTheBlock (@intotheblock) October 5, 2024
Bitcoin’s stability shines as altcoins and stablecoins reflect market shifts
The stability of the Bitcoin market contrasts with the struggles of its competitors. As Bitcoin traded relatively flat over the quarter, highlighting a widening performance gap, Ethereum and other altcoins set new yearly lows.
Investors are increasingly turning to the safer bet, opting for Bitcoin over altcoins that failed to maintain the momentum they generated in past years. Many of these lesser cryptocurrencies, once touted as potential “Ethereum killers,” have seen their value plummet as market confidence erodes.
Apart from Bitcoin’s dominance, stablecoins now account for a substantial 26% of the market, reflecting investor preferences for less volatile assets during times of market turbulence.
This highlights a broader trend where investors are not only holding Bitcoin but also allocating a significant portion of their portfolios to stablecoins, demonstrating a cautious approach.
These assets have provided stability, liquidity and coverage amid the volatility that has plagued most of the crypto space. With no signs of Bitcoin being replaced anytime soon, its sustained performance has only solidified its significance as the crypto ecosystem’s pillar.
Meanwhile, BTC’s price has shown positive movement recently. At press time, it trades at $63,523.39, having gained 2.51% over the last 24 hours and 17.06% in the past 30 days.
In other news, declining transaction fees and increasing operating costs caused Bitcoin miners to see their revenue drop to $816 million in September, as reported earlier by CNF. Post-halving conditions have presented additional challenges, impacting profitability with lower payouts and more difficult mining.
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