TechFlow news, on August 21, according to Decrypt, the latest report from Glassnode shows that Bitcoin's market dominance has risen to 56% of the total cryptocurrency market capitalization, a significant increase from 38.7% in November 2022. Despite recent price volatility, long-term holders continue to accumulate Bitcoin resolutely. Data indicates that "hoarding" behavior clearly exceeds "selling," especially for Bitcoin acquired after reaching a historic high in March 2024.
Ben El-Baz, Managing Director at HashKey Global, stated that this trend reflects growing confidence among mainstream investors, who increasingly favor Bitcoin as a stable investment over more volatile altcoins such as Ethereum. However, short-term holders are facing unrealized losses, with the STH-MVRV ratio falling below the equilibrium level of 1.0. Experts suggest that the rising dominance of Bitcoin could stimulate growth across the broader cryptocurrency market.
Notably, Ethereum’s market dominance has declined from 16.8% to 15.2%, while other altcoins have seen even steeper drops, falling from 27.2% to 21.3%. Industry insiders anticipate that altcoins such as Ethereum may face greater challenges between 2024 and 2025.
