Affected by tensions in the Middle East over the weekend , Bitcoin fell by more than 15% in two days, triggering a larger correction in other Altcoin, further pushing up the Bitcoin market share index (BTC.D) to 57.03% at one point, a record high since 3-year high.
As the currency market sentiment recovered before the deadline, various Altcoin rebounded significantly, with BTC.D falling back to 55.43%, but still maintaining strong dominance.
Only 7 tokens among the top 50 coins outperformed BTC
Another data worthy of attention is that Bitcoin has risen from US$44,100 in early January this year to US$66,500 at the time of writing, an increase of 50.79%. According to statistics, among the top 50 currencies by market capitalization, only 6 tokens have increased more than Bitcoin, namely:
- BNB: The currency of the exchange leader Binance. It has risen more than 86% year to date and is now trading at $581.
- TON: Toincoin, backed by the Telegram ecosystem, has risen more than 350% since the beginning of the year and is now trading at $7.11.
- DOGE: The original dog meme coin. It is up 85.4% year to date and now trades at $0.1655
- SHIB: Dog meme coin. It is up 85.4% year to date and now trades at $0.1655
- STX: Bitcoin leader L2. Year to date up 85.33%, now trading at $2.78
- MNT: Ethereum L2 under Bybit exchange. It is up 84.24% year to date and is currently trading at $1.20
- RNDR: Currently the AI project with the most computing power in the crypto. Up 104% year to date, now trading at $9.3
On the other hand, among the top 50 currencies, the worst performers are Facebook-based public chain Aptos ($APT) and Uniswap ($UNI), which recently received a notification from the US SEC Wells. Each has increased slightly by 3.9 points since the beginning of the year. % and 8.32%.
The crypto market may still be in the early stages of a bull run
This phenomenon also reflects that the market is in the early stages of a bull market. Compared with BTC.D during the 2021 bull market, which mostly fluctuated between 40% and 48%, the current level above 55% indicates the strength of Bitcoin. Usually when the bull market really arrives, most Altcoin will rise beyond Bitcoin. , prompting the decline of BTC.D.
In addition, Glassnode, a well-known encryption data analysis company, issued an article over the weekend saying: Judging from the price trend after BTC broke through the all-time high, the current Bitcoin bull market fever stage may still be in the early stages.
As can be seen from the data analysis chart provided by Glassnode below, after breaking through ATH in the past, Bitcoin prices have experienced retracements of more than 10% many times, and retracements of more than 25% are also very common; and in this cycle (black (line), since Bitcoin broke through its all-time high, there have only been two declines of more than 10%.
