Bitcoin, the top cryptocurrency by market cap, and Tether, the most popular stablecoin, have boosted their share of the total crypto market. Measured as a percentage of the total crypto market capitalization, Bitcoin dominance spiked to nearly 50% early on Saturday morning.

At around the same time, USDT dominance surged to over 8.2%.

Bitcoin Dominance Rises as Investors Flee Altcoin Market Crash

As is often the case with rises in Bitcoin dominance, Saturday’s increases coincided with a major altcoin market crash.

The reasons behind the surge in Bitcoin dominance are twofold.

On one hand, the price of BTC has remained resilient compared to many altcoins. With the price of tokens like Solana and Polygon plummeting by over 20% overnight, their market cap shrunk rapidly.

As a result, Bitcoin’s relative share of the total crypto market cap has risen.

At the same time, bitcoin’s comparatively stable price offers investors a degree of protection. This drives more funds out of altcoin markets and into bitcoin as investors seek refuge from falling prices.

BTC’s dominance rate has been steadily rising since November. And it increased

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Author: James Morales

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