Bitcoin futures dominance recently declined. It slid to 38% compared to 50% of BTC shares in crypto futures 2 months ago.
What we see now is declining BTC dominance by futures with altcoins to lure traders in the foreground. Meanwhile, ETH continues its steady dominance in the market showing 21%. At the same time, altcoins surged to reach 41% compared to 32% previously.
In simpler words, crypto market trends are changing. Investors are looking for alternative assets to keep their crypto portfolio well-diversified. More and more traders start seeking alternative cryptocurrencies, as the year 2024 approaches.
The declining BTC dominance means the locked dollar value decreased to 38% as well. What’s more, the market is seeing the lowest notional futures open interest rate since 2021. At the moment, it accounts for $30.45 billion.
The vast majority of market participants redirect their money to altcoins. In addition, the crypto market is experiencing renewed risk appetites that commonly occur after the BTC uptrend.
As for the leading cryptocurrency by market value, bitcoin made an over 60%-rally since October to exceed $43,000. The surge was triggered by reduced Treasury yields and the news of soon BTC ETF approval.
Nevertheless, the major cryptocurrency is 161% up at the moment following the year-to-date basis. At the same time, the 2-nd largest cryptocurrency ETH is traded 88% higher.
May the trading luck be with you!