Bitcoin's recent resurgence seems to be breathing new life into the broader cryptocurrency market.
While the world’s largest cryptocurrency has managed to hold on to its gains – reaching a record ATH of approximately $71K – Bitcoin’s bullish rally has heavily improved sentiment across the industry.
Did you know? During a bull market, traders tend to throw caution out of the window and chase prices higher!
From memecoins to altcoins, it’s been quite a few interesting weeks for the overall crypto market!
Bitcoin dominance has dropped pretty sharply as “meme coins” like FLOKI, Shiba Inu, Pepe, and dogwifhat all rose more than 100% in a matter of few days.
More specifically, BTC dominance dropped from 55% to 53% - one of its biggest weekly drops in the past year.
Usually, Bitcoin dominance drops because the coin falls more than other altcoins. However, this time, dominance fell because BTC rose less than other altcoins.
Recommended Read: DOGE & SHIB Take the Spotlight – Memecoins Making a Comeback?
Interest in altcoins is intensifying as BTC and the largest cryptocurrencies retreat to all-time highs.
Among these, Retik Finance and Shiba Inu have now emerged as prominent contenders poised to benefit from Bitcoin’s bullish momentum.
Both RETIK and SHIB could gain further from BTC hitting a new record high before the 2024 halving event.
When BTC’s price goes up, if often boosts confidence in other currencies too. This could mean good news for altcoins in the next few months is coming.
Investors are now closely eyeing Bitcoin’s price, with the coin breaking above its old record, trading at approximately $71,600 at time of writing.
Source: BitDelta
This, in turn, might lead to growing interest and investment in altcoins, pushing their prices further up.
However, it remains important to exercise caution when investing in altcoins, as they often exhibit higher volatility compared to Bitcoin.
While the potential for outsized gains exists, so too does the risk of significant losses.
This article is for informational purposes only and not intended as investment or financial advice. It contains opinions and speculations that are subject to change without notice.
The author and publisher disclaim any liability for decisions made based on the content of this article. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions.
