Bitcoin’s (BTC) dominance has crested new highs as altcoins’ short-lived rally fizzles, according to data from Matrixport, a cryptocurrency financial services platform.
As of March 12, Bitcoin dominance — a measure of Bitcoin’s share of crypto’s overall market capitalization — stands at 61.2%, according to Matrixport. This is up from a cycle low of around 54% in December.
Rising BTC dominance is “clear evidence that the altcoin rally was short-lived,” Matrixport said in a post on the X platform.
“It lasted barely a month, from [US President Donald] Trump’s election in November to early December, when a stronger-than-expected U.S. jobs report shifted market focus toward a more hawkish Federal Reserve,” Matrixport said.
Bitcoin’s dominance typically wanes near the end of market cycles as capital rotates into altcoins — digital assets besides Bitcoin.
Bitcoin dominance is back. Source: Matrixport