Bitcoin and the cryptocurrency markets have been coupled together for almost a year now. That is to say that the Bitcoin markets have largely dominated the direction of the markets. Moreover, the dominance of Bitcoin over the cryptocurrency markets has also been consistent around 50% since 2018.
According to expert Bitcoin analyst and CEO of Civickey, Vinny Lingham,
It’s easy to argue that Bitcoin can be worth $10k or $20k, or even $100k, but the problem is that as the price has been rising towards those levels, we’re not seeing Bitcoin dominance increase disproportionately.
Declustering and Decoupling of Bitcoin and Cryptocurrency Markets
Even before the previous bull run of 2017, the dominance of Bitcoin experienced a roller-coaster ride in 2017. The percent dominance of Bitcoin fell from over 85 to as low as 32.5 during the peak. Therefore, the altcoins gained substantial value proportional to Bitcoin.
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