Bitcoin's market dominance climbed to 60% on Wednesday, marking its highest level since May and signaling a decisive shift in investor preference away from altcoins. The flagship cryptocurrency fell below $82,000 on Thursday, erasing gains from a brief surge above $84,000 the previous day.
Altcoin markets faced sharper corrections, with the CoinDesk Memecoin Index dropping over 5%, while the Computing Select Index and DeFi Select Index declined 3.5% and 2.5%, respectively. Joel Kruger, market strategist at LMAX Group, noted that crypto's recent outperformance has faded, with the sector now tracking stock market movements more closely as investors await new catalysts. Vikram Subburaj, CEO of Indian exchange Giottus, highlighted that Bitcoin ETF inflows have yet to establish a sustained trend, advising caution against chasing rallies amid ongoing uncertainty around Federal Reserve policy signals.
Bitcoin Dominance Hits 60% as Altcoins Slide Below $82K Threshold
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