Bitcoin Dominance Is Still In Its Expansion Phase: Glassnode

Data from previous crypto market cycles suggests that Bitcoin ’s dominance over altcoins will likely keep rising over the next several months, according to Glassnode.

“Prior cycles have seen ETH drawdown to depths of over -50% on a relative basis during the bear market recovery phase, with the current drawdown reaching -38%.” As of November, Bitcoin dominance has risen from 38% in late 2022 to 53%, while Ethereum dominance stands at merely 17%. Market dominance refers to how much of the total crypto market cap Bitcoin and Ethereum respectively comprise.

“It took up until March 2020 when this started to reverse,” said Check regarding the previous cycle in a recent

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