Matrixport: Bitcoin's Market Share Rises as Traders Shift from Altcoins

Cryptocurrency service provider Matrixport They have released a market analysis revealing that Bitcoin's market dominance has reached a new cycle high, surpassing its previous record. This suggests that the recent altcoin spike was short-lived, lasting roughly a month—from the U.S. presidential election in November through early December—before market sentiment shifted, influenced by a stronger-than-anticipated U.S. jobs report that hinted at a tighter monetary policy from the Federal Reserve.  

In light of these shifts, seasoned traders have pivoted from altcoins back to Bitcoin. Despite Bitcoin experiencing some declines, its performance remains superior compared to the overall altcoin market. Looking ahead, there is cautious optimism dependent on a potential rebound in liquidity that may bolster Bitcoin's price. Nonetheless, with the Federal Reserve likely to hold firm on interest rates, Bitcoin's next surge may take more time to unfold. potential recovery Bitcoin Bounces Back to $82,000 as the Market Stabilizes, Encouraging Altcoins to Rise

Currently, Bitcoin is valued at $82,458, reflecting an increase of 0.81% in the last 24 hours. The leading cryptocurrency showed volatility within this timeframe, dipping as low as $79,356 and peaking at $83,737.  

At the time of writing, Bitcoin Bitcoin's market dominance also saw a marginal rise of 0.13%, now sitting at 61.19%, which has put some strain on the performance of altcoins. Analysts are watching closely to see if the recent announcement regarding a U.S. strategic Bitcoin reserve could ignite a more sustained bull run.  

After a tough period of sharp declines, Bitcoin has regained its footing, and several prominent altcoins, such as XRP, Solana, and Ethereum, have followed suit, seeing gains between 1% and 7% in intraday trading. However, Ethereum's rebound has been more tempered, with a 0.33% rise over the past 24 hours, nudging its price up to $1,907 after fluctuating between a low of $1,847 and a high of $1,960. Meanwhile, Ethereum's market share has dropped to 8.5%, a significant decrease from over 9%.  

Overall, the cryptocurrency market has appreciated by 0.68% in intraday trading, thus elevating the total global market capitalization to $2.67 trillion according to CoinMarketCap data. Furthermore, liquidation volumes from the previous day were recorded at $409.32 million, as per Coinglass data, which has helped bring some price stability.

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