Odaily News Matrixport released today's chart, saying that Bitcoin's dominance rate has soared to a new high in this cycle, breaking through the previous peak, which clearly shows that the rebound of altcoins is extremely short-lived. This round of market lasted only about a month, starting from Trump's election in November last year and ending abruptly in early December. An unexpectedly strong US employment report quickly changed the market focus, and the Federal Reserve's more hawkish stance increased the downward pressure on risky assets.
Senior traders have rotated back to Bitcoin from altcoins, and despite the price correction, Bitcoin still outperformed the broader market by a wide margin. The current market hopes that liquidity will pick up to push Bitcoin higher. However, with the Fed's hawkish tone unchanged, the next round of gains may still require more patience.