U.Today – Market cap dominance reached 54.5, according to data provided by TradingView. This is the highest value in this metric for Bitcoin since July 2021.
A coin’s dominance is the ratio of its market capitalization to the cumulative market capitalization of cryptocurrencies. It is calculated by dividing the coin’s market capitalization by the total market capitalization of the top 125 coins and multiplying it by 100.
The fact that Bitcoin has reached a three-year peak of dominance may indicate a potential uptick in altcoin prices.
The Glassnode co-founders support this view based on the risk market. This indicates that investors are betting on riskier assets that are likely to yield higher returns.
Analysts noted that technology stocks fell 2% on Thursday. By comparison, the iShares ETF (IWM), an index composed of small-cap stocks, rose more than 3%.
This means that investors are betting on riskier assets that are likely to bring higher returns.
