Alts just finished their squeezes, notes crypto analyst Cold Blooded Shiller. Bitcoin dominance has risen from 42% at the beginning of 2023 to over 50%. The global cryptocurrency market cap is experiencing range-bound stagnation with an altcoin buying opportunity. has come to a halt in October, crypto analyst Cold Blooded Shiller noted on X.
The total trading volume for cryptocurrencies in the past day amounts to $42.5 billion. To gauge the state of the altcoin market, investors often turn to the Bitcoin dominance ratio. It measures Bitcoin's market cap against the cumulative market cap of all cryptocurrencies. On Tuesday, this ratio stood at 51%, signaling a shift from January 2023 when it was at 42%. The ratio rose to 47% in March and peaked at 52% in June.
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