TradingView data revealed that Bitcoin’s dominance increased to 60%. The data indicated that BTC rose by 5% in the past month and 12% in the past year. DeFiLlama data highlighted that meme coins continued to struggle with volatility. TradingView data highlighted Bitcoin’s dominance had climbed to 60%, a 5% increase in the past month, and a 12% rise in a year. Altcoins such as Solana struggled with volatility and recorded price declines in the past 24 hours. Bitcoin’s market dominance on the rise as altcoins starve Increased market dominance suggests that Bitcoin now holds a larger portion of the cryptocurrency market compared to altcoins such as Ethereum and Solana. Bitcoin’s current market dominance is the highest since February 2021. $BTC dominance has climbed to 60%, up 5% in the past month and 12% over the past year, as altcoins struggle with volatility. $SOL , for example, is down 4% in the past day, trading around $185. The collapse of the $LIBRA memecoin, linked to Argentine President Javier Milei,… pic.twitter.com/GAkGGufQ5k — Satoshi Club (@esatoshiclub) February 17, 2025 In February 2021, Tesla revealed it had made a $1.5 billion investment in Bitcoin and would accept payment for its cars and other products using the cryptocurrency. CoinMarketCap data revealed that BTC’s market dominance increased by over 10% while the asset’s price surged to over $44,000. In November 2021, Bitcoin recorded a price surge to $68,000, signaling increased investor interest and institutional adoption. On February 2, 2025, Bitcoin’s market dominance rose above 60% amid the liquidations in the crypto market. The liquidations were triggered by Trump’s trade sanctions on Mexico and Canada, which triggered global market sell-offs. Bitcoin recorded an 8% price decline, while the downturn hit altcoins harder. DeFiLlama data revealed Ethereum recorded a 9% decline, while Solana recorded a 19.3% price decline in a week. Altcoins again suffered further volatility on Feb 17, after the collapse of the LIBRA meme coin, which reportedly eroded investor confidence in altcoins. As a result, Solana recorded a 4% decline in 24 hours and is currently trading at $185. TP ICAP Digital Assets sales director Hina Sattar Joshi commented that Bitcoin dominance was over 60%, reflecting the increased consolidation of institutional sentiment and the increased role of professional investors in digital assets. Joshi observed that the altcoin market remained retail-driven, causing high volatility. She noted the downturn in altcoins reflected more institutional capital flowing into BTC. The director added that BTC was perceived as a stable investment compared to other digital assets, which led to its widespread adoption. She noted the recent launch and collapse of the Libra token backed by Argentine President Javier Milei reduced market confidence after the team allegedly sniped the cryptocurrency at launch. Hayden Davis, the token strategist of the Libra project, justified the project’s actions, claiming they were meant to deter others from sniping. He added that the goal was to reduce liquidity to get the snipers out, giving them less control so that when the chart dipped down, it would not crash the entire project. Analysts suggest a catalyst is needed to drive BTC out of range CoinMarketCap data revealed that Bitcoin’s price remained stable compared to altcoins. BTC traded between $95,000 to $97,000 in the last week. QCP Capital analysts suggested that Bitcoin’s current price consolidation may persist until a catalyst emerges. They noted that without a specific catalyst, the price action seemed to be more macro-driven. The analysts highlighted that current medium-term BTC prospects were closely tied to institutional inflows. They added that spot BTC ETFs and the 2024 halving euphoria contributed to most of these inflows. Bitget Research Chief Analyst Ryan Lee commented that a sustained hold above the critical support level and positive ETF activity could push BTC towards $100,000 or more by the end of the week. He added that market participants closely monitored macroeconomic factors and institutional adoption trends that continued to guide BTC’s trajectory. QCP Capital analysts also observed that the derivatives market showed decreased implied volatility. They noted that BTC was back in the middle of the range while implied volatility declined. The analysts highlighted that despite current macro uncertainties such as inflation, debt ceiling, and tariffs, VIX and crypto implied volatility were still trading at their lows. Cryptopolitan Academy: FREE Web3 Resume Cheat Sheet - Download Now
