Bitcoin's Market Dominance May Have Peaked, Suggesting Altcoins Could Outperform in Q4

A report by analysts at Bitfinex shows as Bitcoin's value fell, the market share of altcoins actually increased, suggesting a shift in investor interest.

Bitcoin’s dominance has slipped to a seven-month low as altcoins outperformed the leading cryptocurrency in the past week.

According to Bitfinex analysts, altcoins’ market share increased by 1.5% as Bitcoin’s fell by a respective 0.7%, indicating a shift in investor interest away from BTC and towards other major cryptocurrencies.

The shift could be attributed to the recent downturn in the crypto market, which saw Bitcoin’s price drop by 55% from its all-time high. As a result, traders may be seeking higher returns by trading altcoins, which are typically more volatile than Bitcoin.

Moreover, the analysts noted that the ETH/BTC ratio remained below its yearly average, indicating Ethereum’s ongoing struggles in outperforming Bitcoin this year.

However, the crypto market still showed signs of recovery as several altcoins outperformed Bitcoin in the past week. Dogecoin and Toncoin both outperformed the leading cryptocurrency, with DOGE climbing by 6.5% and TON rising by 5.7%.

In comparison, Bitcoin only gained 3.3% in the past 24 hours. Dogecoin and Toncoin’s gains were also accompanied by a new record high in daily transactions on the TON network.

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