Wikipedia’s (BTC) market share (dominance) has reached new heights, which shows that the recurrence of the short -lived life of the reversal is over, according to a cryptocurrency financial services platform, Matrixport.
As of March 12, Bitcoin dominance (the overall cryptocurrency market in the market capitalization ratio) reached 61.2 %, a level that increased significantly in December 2023 by a cycle of about 54 %.
In a post on X (formerly Twitter), the Matrixport noted that “the increase in BitCoin’s domination is clear evidence that the reversal of the coin was temporary.”
The Matrixport said, “The reversal rally continued for only a month in early December (Donald) Trump’s election. After that, after US job statistics, the expectations that exceeded the expectations, the market focus was shifted to the feed, which is rapidly hiking on interest rates.”
Generally, at the end of the market cycle, bitcoin domination is reduced as funds circulate in Alt County.
BitCoin’s dominance has returned. Source: Matrix
Pay attention to interest rate trends
In January, the Federal Reserve decided not to reduce interest rates due to strong US employment data and did not change interest rates.
The Fed’s Hawking Stand has targeted stock and cryptocurrency markets, and after the announcement of the Fed on January 29, Spot bitcoin prices have also decreased by 20 %. As of March 12, BitCoin was trading at about $ 82,750, which is more than $ 109,000 from its record, which was recorded in December 2023.
Altcoins are more sensitive than BitCoin, which is from macroeconomic fluctuations. Matrixport pointed out that “veteran businessmen are transferring funds from Altkoin to Bitcoin, and although BitCoin itself is falling, they are performing significantly better than the cryptocurrency market as a whole.”
He also said that the next increase in the Bitcoin market “increasing the feed rate of feed to prevent inflation would be widely affected.”
The American Consumer Price Index (CPI) announced in February 12, less than expected, which indicates a slow inflation.
“This is the first reduction in both the headline CPI and the Core CPI since July 2024,” the financial media published on the Kobisi letter X.
“Inflation in the United States is starting to cool down.”
In addition, data from US derivatives shows that the CME group shows that the market is expected to change interest rates at the next meeting in March.
