Bitcoin's crypto market share climbs to 60% as altcoins and smaller tokens slide
Bitcoin takes a bigger share while prices drift lower
Bitcoin's share of the total value of the crypto market reached 60% on Wednesday, its highest level since May, according to CoinDesk. That measure is called dominance: it is bitcoin's slice of all digital assets combined, not its price.
The shift suggests traders are putting more of their crypto money into the largest coin instead of smaller alternatives, known as altcoins. It happened even as prices across the market softened.
Bitcoin slipped below $82,000 on Thursday, giving back a brief move above $84,000 the day before. CoinDesk's price tracker showed bitcoin near $81,267, down about 3.7% on the day, with ether near $2,382, XRP near $1.31 and solana near $103.
The numbers behind the move
- Bitcoin dominance hit 60% on Wednesday and stayed close to that level, the highest since May.
- Over seven days, bitcoin, ether, XRP and solana were roughly flat to slightly higher, CoinDesk reported.
- Zcash (ZEC) was the only major coin to gain more than 10% over that week, per CoinDesk.
- Smaller tokens fell harder: the CoinDesk Memecoin Index dropped more than 5%, the CoinDesk Computing Select Index lost 3.5% and the DeFi Select Index fell 2.5%.
Analysts say the market is waiting for a catalyst
Joel Kruger, a market strategist at LMAX Group, said in an email to CoinDesk that crypto's earlier stretch of outperformance has been replaced by a closer link to stock markets, while investors wait for a new reason to buy within the sector.
Kruger added that global macroeconomic conditions remain the biggest influence on crypto prices, and that bitcoin's limited supply could help it hold up if global stock markets turn shaky.
Vikram Subburaj, chief executive of the India-based exchange Giottus, said in an email that bitcoin exchange-traded funds (ETFs) still lack steady demand. An ETF is a fund that trades on a stock exchange and holds the underlying asset. He said flows into these funds remain uneven and that consistent inflows would be needed to support a stronger recovery. He also cautioned against chasing short-term rallies and said investors should watch ETF flows and Federal Reserve signals before adding exposure.
What is confirmed
CoinDesk reported the 60% dominance figure, the price levels and the index declines directly. It also published the two analyst comments as emails sent to the outlet. The price changes shown in the CoinDesk tracker are readings from the time of publication.
What is still unclear
The source does not explain why bitcoin's share is rising beyond the observation that investors are favoring the largest cryptocurrency. It gives no specific figures for ETF inflows or outflows, so the size and direction of those flows cannot be stated. The two analysts offered views and expectations, not confirmed outcomes, and no data was provided on how long the current trend might last.
The Fed meeting is next on the calendar
The Federal Reserve meets on interest-rate policy next week, CoinDesk noted. Both the dominance shift and the ETF flow discussion come ahead of that meeting, which is the next scheduled event named in the source.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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