Oh, the times, they are a-changin’, or rather, they are staying the same. Bitcoin, that grand old man of the crypto world, has once again asserted its dominance, reaching a 4-year high of more than 62%. Yes, you heard that right, 62%! And this, despite a 29% correction, which, in the grand scheme of things, is just a minor hiccup, like a fly buzzing around a majestic elephant.
There was a brief moment of excitement on Feb. 3, when Bitcoin’s dominance spiked above this level, but alas, it was just a fleeting wick, a mere blip on the radar. But fear not, for recent increases have been more sustained, as reported by the ever-reliable Tradingview. 📈
Moreover, Bitcoin’s market share has been steadily rising since early December, when it dipped to a mere 55%. This dip, oh how it sparked hopes of an altseason! But alas, those hopes were as fleeting as a dream in the morning light, and the altseason never materialized. 🌻
“Bitcoin dominance has surged to a new cycle high, surpassing its previous peak – clear evidence that the altcoin rally was short-lived,” Matrixport reported on March 12. Yes, the altcoin rally, it seems, was as short-lived as a firefly in a snowstorm.
Today’s #Matrixport Daily Chart – March 12 2025
Bitcoin Dominance Surges as Altcoin Rally Fizzles
#BTC #CryptoMarket #cryptocurrency #USDT #Bitcoin #Altcoins #ALTSEASON #Matrixport
— Matrixport Official (@Matrixport_EN) March 12, 2025
“Savvy traders have rotated out of altcoins and into Bitcoin, which, despite its own decline, has significantly outperformed the broader altcoin market,” Matrixport added. It seems that the wise ones have seen the writing on the wall, or perhaps the numbers on the chart, and have made the prudent move.
The next leg of the Bitcoin rally “may require more patience,” with the Federal Reserve likely to maintain its hawkish stance. Patience, dear readers, is a virtue, especially in the world of crypto, where the market can be as unpredictable as a drunkard’s walk. 🕵️♂️
Analysts have flagged 70% BTC dominance as the peak of its cycle, and a fall from this could signal the beginning of altseason. But that, my friends, appears to be a long way off at the moment, with most altcoins dropping below 50% from their previous peaks. It seems that the altcoins are in for a long, cold winter. ❄️
Highest #Bitcoin dominance daily candle close since 2021.
History is repeating.
Luckily we know that Altcoin season is next.
— CryptoGoos (@crypto_goos) March 12, 2025
Ethereum, the world’s second-largest crypto asset, has taken the brunt of the pain, with its market share slumping to its lowest point for almost five years this week at 8.5%. ETH prices have returned to bear market lows, tanking below $1,800 on March 11 and failing to recover the key $2,000 level. It is also the weakest it has been against Bitcoin since May 2020, with the ETH/BTC ratio slumping to 0.022 this week. Poor Ethereum, it seems to be the poster child for the altcoin downturn. 😢
78% of all ETH/BTC trading days now in the red…
— _Checkmate (@_Checkmatey_) March 13, 2025
Ethereum is not the only altcoin in pain, however. Solana has pretty much collapsed over the past couple of months as the memecoin bubble burst. The network derives 80% of its revenue and utility from memecoin minting and trading. As a result, SOL prices have collapsed 60% in just two months since their all-time high in mid-January, and network revenue is down 90%. Poor Solana, it seems to have been hit the hardest. 💔
Cardano (ADA) had a couple of brief spurts to top $1, but the asset remains down 76% from its 2021 peak. Dogecoin (DOGE) has also pumped and dumped and is currently down the same percentage from its peak almost four years ago. Other altcoins slipping into bear market territory (more than 70% down from their peaks) include Chainlink (LINK), Stellar Lumens (XLM), Avalanche (AVAX), Shiba Inu (SHIB), Bitcoin Cash (BCH), Litecoin (LTC), and Polkadot (DOT). It seems that the altcoin world is a sea of red, with Bitcoin standing tall like a lighthouse in a storm. 🌊
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2025-03-13 09:53