Bitcoin takes 65% of crypto market — U.Today

U.Today reports that the Bitcoin dominance index has risen to an important level of 65.09%. The leading cryptocurrency has further underscored its leadership in the market. 

The dominance index is the key indicator that allows investors and traders to estimate the strength of Bitcoin against altcoins. 

In the past few months, Bitcoin has been steadily gaining more dominance, with it rising above 65% up from 48%. The growth is reflecting more capital inflows into Bitcoin than into altcoins. Bitcoin’s increasing share in the market also suggests heightened investor confidence amidst the uncertainty of traditional markets. The leading cryptocurrency is considered stable, the most liquid, and established crypto asset as opposed to most altcoins that show greater price volatility.

Another reason for alternative cryptocurrencies lagging behind could be traders' perception of Bitcoin as the reserve currency of the crypto market. Besides, new altcoins are subject to greater regulatory scrutiny.

Bitcoin has an average daily trading volume of $23.91 billion, which confirms the high trading activity and sustained interest in this crypto asset.