Bitcoin Dominance Rate Surges as Altcoins Struggle

Thursday, 3 October 2024, 20:41

Market wrap highlights that Bitcoin dominance rate is nearing a 3-year high amid altcoin weakness. Bitcoin remains resilient above $60,000 while Ethereum sees declines. Recent reports from Steno Research and QCP Capital shed light on these market trends.
Coindesk
Bitcoin Dominance Rate Surges as Altcoins Struggle

Market Overview: Bitcoin and Ethereum Performance

Bitcoin's performance has been notably strong, holding above the $60,000 key support level. As the market wraps up, the Bitcoin dominance rate approaches a substantial three-year high, illustrating a shift in investor sentiment.

Ethereum's Decline Against Bitcoin

In stark contrast, Ethereum's ETH token has recently fell to near its weakest level against BTC since mid-September. This drop signals a growing preference for Bitcoin among investors.

Insights from Steno Research and QCP Capital

  • Reports indicate a shift towards Bitcoin.
  • Altcoins are facing challenges amidst this dominance.
  • Market analysts note Aptos as a standout performer.

This market wrap reflects significant changes in crypto dynamics, emphasizing the importance of BTC in today's market scene.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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