Quick Take
The crypto graph of 2023 paints an intriguing picture with a significant shift in investor sentiment. Bitcoin’s dominance has spiked to a compelling year-to-date high of 52.28%, casting a shadow over the performance of altcoins. The market’s flagship currency’s robust growth is echoed in the underperformance of its competitors.
On a YTD basis, many altcoins seem to have lost their footing against Bitcoin. XRP, once buoyed by a favorable resolution in its security classification, has slipped by 17%, nearly erasing its July gains. Meanwhile, Ethereum, a consistent performer in crypto, has recorded a 24% dip against Bitcoin.
The gap is more pronounced for ADA and BNB, which have plunged 43% and 50%, respectively, in comparison to Bitcoin. Among the biggest losers is Dogecoin, with a steep 52% decline against Bitcoin.
This data implies a potential shift in the crypto landscape, highlighting Bitcoin’s increasing clout amidst dynamics that seem to dwarf the value proposition of altcoins.
The post Bitcoin asserts dominance with new year-to-date peak versus alts appeared first on CryptoSlate.
