Bitcoin dominance has reached new highs as altcoins’ rally fades, as per research from Matrixport, a cryptocurrency financial services platform. As of March 12, Bitcoin’s dominance stands at 61.2%, up from a low of 54% in December. Matrixport stated that the recent surge in BTC dominance indicates the short-lived nature of the altcoin rally, which lasted only for about a month. The shift in market focus towards a more hawkish Federal Reserve after a strong U.S. jobs report in early December contributed to this trend. Typically, Bitcoin’s dominance decreases towards the end of market cycles as capital moves into altcoins. The recent decision by the US Federal Reserve to maintain interest rates due to positive job data negatively impacted stocks and cryptocurrencies. Bitcoin’s price dropped about 20% since the announcement, trading at approximately $82,750 on March 12, down from its peak of over $109,000 in December. Altcoins are more sensitive to macroeconomic volatility, leading traders to switch from altcoins to Bitcoin, which has outperformed the broader crypto market. The future of Bitcoin’s rally hinges on the Fed’s decision regarding interest rates to combat inflation. Recent data showing a decline in the Consumer Price Index suggests a cooling of inflation in the US. Markets anticipate the Fed to keep rates unchanged in the upcoming March meeting.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin dominance has reached new highs as altcoins’ rally fades, as per research from Matrixport, a cryptocurrency financial services platform. As of March 12, Bitcoin’s dominance stands at 61.2%, up from a low of 54% in December. Matrixport stated that the recent surge in BTC dominance indicates the short-lived nature of the altcoin rally, which […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[25],"tags":[],"aioseo_notices":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":""},"author_info":{"display_name":"","author_link":"https:\/\/vanillanews.com\/index.php\/author\/"},"category_info":"JUST IN<\/a>","tag_info":"JUST IN","comment_count":"0","_links":{"self":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/75057"}],"collection":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/comments?post=75057"}],"version-history":[{"count":0,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/75057\/revisions"}],"wp:attachment":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/media?parent=75057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/categories?post=75057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/tags?post=75057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}