Crypto market in 'Summer Adjustment' with Bitcoin Dominance Rising: Matrixport
CryptoNewsTerminal Staff03 Sep, 2024
Crypto market in 'Summer Adjustment' with Bitcoin Dominance Rising: Matrixport
Matrixport, a cryptocurrency service provider, recently released a report stating that the cryptocurrency market is currently undergoing a "typical summer adjustment." However, they also pointed out that Bitcoin dominance, or the ratio of Bitcoin's market capitalization to the total cryptocurrency market capitalization, has reached a cycle high. This indicates strong investor preference for Bitcoin, suggesting that altcoin season has not yet arrived. The report goes on to state that this summer adjustment is characterized by lower trading volumes and volatility, as well as a consolidation of prices. This is in contrast to the previous bull market, which was characterized by high trading volumes and volatility, as well as a rapid appreciation of prices. Matrixport's report suggests that the cryptocurrency market is still in a relatively early stage of development, and that it is likely to experience further volatility and price fluctuations in the future. However, the report also indicates that Bitcoin is still the dominant force in the cryptocurrency market, and that it is likely to continue to be so for the foreseeable future.
