Odaily Frontline | Report: Bitcoin bull market leads to altcoin season fading

读者

2020-11-09 12:31 (UTC+8)

This article is about 1044 words, reading the full article takes about 2 minutes

In October, only BTC's market capitalization ratio among the top mainstream currencies by market capitalization increased.

AI Summary

Expand

In October, only BTC's market capitalization ratio among the top mainstream currencies by market capitalization increased.

This article comes fromAMBCrypto, Original Author: Aakash Athawasya

Odaily translator |

Every $1 increase in the price of Bitcoin is proof of Bitcoin's value in the cryptocurrency pie. Despite the fact that there are more than 2,000 cryptocurrencies in the market, Bitcoin’s share of the overall crypto market capitalization underscores its undeniable importance.According to cryptocurrency data analysis company CoinGeckoOctober report

From this perspective, no other major cryptocurrency has grown in market share. In fact, most of the top altcoins are down. For example, as of October 31, ETH held 11.5% of the market capitalization, down 1.3% month-on-month. Other altcoins that lost market share included Tether (USDT), Binance Coin (BNB) and Ripple (XRP), while Bitcoin Cash (BCH) and Chainlink (LINK), which are about to undergo a hard fork, saw no change in market share .

image description

Crypto market capitalization share from September to October, source: CoinGecko

In the aforementioned report, CoinGecko noted that the altcoin market share “handover” to Bitcoin could be a signal that the altcoin season is fading due to the Bitcoin bull market. The report states:

“This could be a signal that the altcoin cycle is slowing as investors shift back to Bitcoin in their portfolio allocations.”

Ethereum’s concession to Bitcoin is more of a recent theme. Back in the first quarter of 2020, ETH’s market share increased by 0.8% to 8.47%, while Bitcoin’s market share was 67.8% at the time. Bitcoin started the year at $7,200 and then fell to $5,500. Bitcoin lost 3.5% of the overall crypto market in the first quarter, while Tether, meanwhile, was the biggest gainer with 1.1% of the market, likely benefiting from increased demand to store stablecoins rather than volatile cryptocurrencies share.

In the second quarter, that is, from April to June, Bitcoin’s market value increased by 0.3%, while Ethereum’s market value accounted for the highest increase, reaching 1.6%. However other major altcoins including XRP, BCH, BSV and LTC lost market share.

In the third quarter, from July to September, price increases did not boost bitcoin’s market share, with bitcoin losing 6.6% of the overall market as prices started to strengthen and then fell. ETH remained at around $400, and its share of market capitalization rose by 2.3%. Bitcoin’s market share was taken by most altcoins at 2.3%, including exchange tokens (BNB) and stablecoins (USDT).