Bitcoin (BTC) has reached its highest market dominance in nearly three years as geopolitical tensions and a strengthening U.S. dollar continue to weaken altcoins. The shift underscores Bitcoin‘s resilience in the face of broader market struggles.
Bitcoin Dominance Nears Three-Year High Amid Altcoin Weakness
On Thursday, Bitcoin maintained its position above the $60,000 support level and was trading around $61,100, a 1% increase over the past 24 hours. This recovery came after a brief dip below $60,000 during the previous day’s trading session.
While Bitcoin remains strong, the wider cryptocurrency market has faced challenges. Ethereum (ETH) dropped by 1%, and other major altcoins like Ripple (XRP), Solana (SOL), Avalanche (AVAX), and Render (RNDR) posted notable losses.
However, the Aptos (APT) blockchain was a rare standout, gaining 7% during the day. This surge followed news that Franklin Templeton had expanded its tokenized money market fund to the Aptos blockchain.
Analysts speculate that investors may have shifted their profits from Sui (SUI), which had seen a 110% rally in the past month.
Bitcoin’s performance has increased its share of the total crypto market value, pushing its dominance to over 58%—the highest in recent years. Meanwhile, the ETH/BTC ratio dropped to 0.038, approaching its lowest level since mid-September.
Market Awaits U.S. Jobs Report
Market participants are now awaiting Friday’s U.S. employment report, which could impact risk assets like cryptocurrencies. According to QCP Capital, a crypto hedge fund, “A combination of expected rate cuts and labor market strength could boost risk assets.”
As the market remains volatile, Bitcoin continues to highlight its status as a safe haven, while smaller cryptocurrencies remain vulnerable to external pressures.
