Bitcoin, as the leading digital asset, continues to strengthen its dominant position, covering 56% of the total market capitalization. Long-term holders of Bitcoin remain confident in their choice by accumulating assets, reported the Mainly Crypto.
Since the November 2022 low, Bitcoin's dominance has risen from 38% to 56%. Despite price volatility, long-term holders remain confident and continue to accumulate coins. Instead, short holders suffered the biggest losses during the August 5 decline.
As the second largest asset in the crypto market, Ethereum saw its dominance decline by 1,5%, remaining almost unchanged over the past two years. Stablecoins and the broader altcoin sector saw more significant declines, down 9,9% and 5,9%, respectively.
Along with the growth of BTC's dominance, its influence on the entire crypto market increases and the probability of the so-called "alt season" decreases.
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