Bitcoin has pulled back from its all-time high of $108,353. However, it holds steady above support at $100,000. Over 77% of the wallet addresses holding Bitcoin are profitable. The number of profitable wallet addresses is above 70% for most altcoins in the top 30 cryptocurrencies ranked by market capitalization. 

Crypto portfolios biased towards Bitcoin are currently outperforming as the largest crypto holds steady above its $100,000 milestone. With the altcoin season grinding to an abrupt halt before the holidays, traders with the majority of their holdings in alts are likely underwater, compared to Bitcoin’s rally. 

Bitcoin dominance rises, altcoin season ends

Bitcoin erased its recent gains from the rally to all-time high at $108,353 and is trading above $100,000. BTC dominance is an uptrend and this has likely contributed to the altcoin season’s abrupt end. 

Bitcoin’s dominance is a sign of relevance and demand for BTC among traders. BTC dominance is at 58.53%, the highest level since November 28. 

Blockchaincenter’s altcoin index evaluates whether 75% of the top 50 altcoins have outperformed Bitcoin in the last 90 days to determine whether it is “altcoin season.” The index reads 53, meaning the altcoin season has ended. 

Bitcoin outperforms major indices

 Bitcoin has rallied 136% on a year-to-date basis, comfortably outperforming the S&P 500 Index (SPX) and the Nasdaq Composite Index (NASX). 

The S&P 500 plunged nearly 3% yesterday, marking its second-worst day of 2024, after officials of the Federal Reserve signaled the likelihood of just two rate cuts next year.

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Author: Ekta Mourya