Key Takeaways
- • Bitcoin's dominance of the crypto market reached 60% on Wednesday, its highest level since May, according to CoinDesk, as investors rotated toward the largest cryptocurrency and away from altcoins.
- • Bitcoin slipped below $82,000 on Thursday after a brief push above $84,000 on Wednesday, while the CoinDesk Memecoin Index fell more than 5% and the Computing Select Index dropped 3.5% over seven days.
- • Giottus CEO Vikram Subburaj warned investors against chasing bitcoin rallies, noting that ETF flows remain volatile and sustained inflows are needed to confirm a stronger recovery.
- • The Federal Reserve is scheduled to meet on interest-rate policy the following week, and analysts say the market is awaiting a fresh catalyst.
Summary
Bitcoin's share of the total crypto market value climbed to its highest level since May, reaching 60% on Wednesday and remaining near that level, according to CoinDesk's Daybook newsletter. The shift signals a renewed investor preference for BTC over alternative coins, even as prices across the broader market weakened. Bitcoin slipped below $82,000 on Thursday, reversing a brief move above $84,000 the previous day. On a seven-day basis, bitcoin, ether, XRP and solana were largely flat to positive, with zcash the only major coin to advance more than 10%.
Smaller tokens posted steeper losses. The CoinDesk Memecoin Index fell more than 5%, the CoinDesk Computing Select Index dropped 3.5% and the DeFi Select Index lost 2.5%.
Joel Kruger, market strategist at LMAX Group, said the period of crypto outperformance has given way to closer alignment with equities as investors await a fresh sector catalyst. He added that the global macroeconomic backdrop remains the dominant influence, and that bitcoin's scarcity could help it withstand potential jitters in global equity markets.
Vikram Subburaj, CEO of India-based Giottus exchange, cautioned against chasing rallies, noting that exchange-traded funds still lack a consistent bid. He advised staggered entries, measured position sizes, and monitoring ETF flows and Federal Reserve signals before increasing exposure. The Fed is set to meet on interest-rate policy the following week.
Smaller tokens posted steeper losses. The CoinDesk Memecoin Index fell more than 5%, the CoinDesk Computing Select Index dropped 3.5% and the DeFi Select Index lost 2.5%.
Joel Kruger, market strategist at LMAX Group, said the period of crypto outperformance has given way to closer alignment with equities as investors await a fresh sector catalyst. He added that the global macroeconomic backdrop remains the dominant influence, and that bitcoin's scarcity could help it withstand potential jitters in global equity markets.
Vikram Subburaj, CEO of India-based Giottus exchange, cautioned against chasing rallies, noting that exchange-traded funds still lack a consistent bid. He advised staggered entries, measured position sizes, and monitoring ETF flows and Federal Reserve signals before increasing exposure. The Fed is set to meet on interest-rate policy the following week.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.