Bitcoin Rally Is Outrunning the Rest of the Market: Here’s Why
In brief Bitcoin is up roughly 24% over the past week to near $79,000, its best run since 2023, while the altcoin market grew by less even during the sharpest leg of the rally. Bitcoin dominance, its share of the total crypto market, has climbed to around 61%, the opposite of what typically happens when altcoins are genuinely outperforming.
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Key Facts
- Fact 1: In brief Bitcoin is up roughly 24% over the past week to near $79,000, its best run since 2023, while the altcoin market grew by less even during the sharpest leg of the rally.
- Fact 2: Bitcoin dominance, its share of the total crypto market, has climbed to around 61%, the opposite of what typically happens when altcoins are genuinely outperforming.
- Fact 3: The CoinMarketCap Altcoin Season Index, which measures how many of the top 100 coins have beaten Bitcoin's price over 90 days, sits at 46—well short of the 75 mark that defines an actual altcoin season.
- Fact 4: Bitcoin is trading near $79,000, up roughly 24% over the past week and on pace for its best run since 2023.
In brief Bitcoin is up roughly 24% over the past week to near $79,000, its best run since 2023, while the altcoin market grew by less even during the sharpest leg of the rally. Bitcoin dominance, its share of the total crypto market, has climbed to around 61%, the opposite of what typically happens when altcoins are genuinely outperforming.
The CoinMarketCap Altcoin Season Index, which measures how many of the top 100 coins have beaten Bitcoin's price over 90 days, sits at 46—well short of the 75 mark that defines an actual altcoin season. Bitcoin is trading near $79,000, up roughly 24% over the past week and on pace for its best run since 2023. Altcoins, the rest of the crypto market after Bitcoin, are supposed to be the more volatile side of the trade, swinging harder than Bitcoin in both directions.
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Original source: Decrypt
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