Altcoins Outperform Bitcoin In August Rollercoaster
August 31 2022 - 6:00PM
NEWSBTC
Altcoins have taken over bitcoin in terms of outperformance this
month. While the crypto market as a whole has suffered losses,
bitcoin has declined more in a time when the digital asset would
have served as safe haven for investors. Now, with altcoins taking
the lead in terms of recovery, it points to the downtrend worsening
over time, especially for bitcoin. Bitcoin Fails To Hold Up
Bitcoin, for the last month, has had its fair share of ups and
downs. However, despite being a market mover, the digital asset has
fallen short when it comes to holding its value. It saw an overall
decline of 13% in the month of August, the highest of any of the
other indexes. Related Reading: Why Is Shiba Inu’s $BONE On The
Rise And Is It Time To Get In? The Large Cap Index is the index
that follows the movement of bitcoin the closes, so it comes as no
surprise that it saw the second-largest decline in the same time
period. The Large Cap Index fell 12% in August alone, leaving the
market at the mercy of its smaller counterparts. Altcoins
outperform BTC | Source: Arcane Research In a surprising turn of
events, the Small and Mid Cap Indexes saw price declines of 10%,
respectively. Normally, in a market such as this, investors would
be exiting both indexes en masse, given how highly volatile they
can be. However, they have proven to be a better safe haven through
this market compared to Bitcoin and the Large Cap Index.
Nevertheless, each index saw double-digit declines, which is never
a good sign for the crypto market. Stablecoins Regain Dominance
Bitcoin still remains the most dominant cryptocurrency in the
market, but it is quickly losing this bragging right by the day.
Instead, as its price has plummeted and investors fear the worst,
they have moved into stablecoins to provide some much-needed cover
from the market volatility. In light of this, the stablecoin
dominance continues to rise. Dominance recovers to 40.18% | Source:
Market Cap BTC Dominance on TradingView.com For another week,
bitcoin’s dominance is down again, this time by 0.65%, and
stablecoins have been on the sidelines to soak it all up. USDT saw
its market dominance grow by 0.15%, while USDC saw its dominance
grow by 0.11%. BUSD, another strong contender, was able to add
another 0.06% to its dominance for the same time period.
Interestingly, Ethereum also saw an increase in its market
dominance despite the poor performance of the Large Cap Index. The
altcoin, whose upcoming ‘Merge’ has greatly excited the market, saw
its market dominance rise by 0.24%. Related Reading: Investor
Indifference Follows Bitcoin’s Break Above $20,000 Bitcoin’s
dominance touched a new 7-month on 30th August when it fell to
39.35%. Ethereum’s market dominance is now sitting at 19.81%. With
USDT, USDC, and BUSD at 6.81%, 5.27%, and 1.94% respectively.
Featured image from Prestmit, charts from Arcane Research and
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