Bitcoin Dominance Hits 1-Month High, Altcoins Remain at Risk

Bitcoin market dominance has skyrocketed to about 60.05%, hitting a one-month high. The recent spike in Bitcoin dominance may lead to more trouble for alternative cryptocurrencies. Earlier in the timeframe shown, Bitcoin dominance was trading above 60%. However, it recently slipped to the 59% mark and briefly fell below that level. Yet, Bitcoin has started to outperform the overall cryptocurrency market. The Bitcoin dominance metric has risen by over 1% compared to its recent lows. The recent Bitcoin dominance spike comes amid a brutal cryptocurrency market crash that took place on Thursday, Oct. 8.

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