Bitcoin Hits $87K,Outpaces Altcoins in Market Dominance

• Bitcoin surpasses $87K, boosting dominance to 56.68%, despite losses in major altcoins.
• With a Fear Greed Index at 84, investor optimism grows despite market challenges.
• Altcoins like DOGE and FRED rally, posting significant gains amidst market downturns.

Bitcoin continues to gain strength and has now crossed the $87,000 mark, increasing its dominance over the entire crypto market. In a Wednesday X post, CryptoRank highlighted Bitcoin’s resilience, emphasizing that it continues to dominate the market despite the decline in value of several major digital assets. While Bitcoin has held its position well, the rest of the cryptocurrency market is under pressure, with several major coins in the red zone.

CryptoRank has reported that the market capitalization has dropped by 4.23% and is now at $3.05 trillion. Nevertheless, Bitcoin’s market share has increased to 56.68 %, a 2.26 % increase from previous levels. This dominance increase can be attributed to the ongoing performance of Bitcoin even while other cryptocurrencies are not doing very well. Investors are focusing on Bitcoin again since it is still the market frontrunner.

Top Cryptos Struggle in Red

On the opposite side of Bitcoin’s growth, several top ten cryptocurrencies had significant losses. The price of Cardano (ADA) has deteriorated by 16.8%, while Dogecoin (DOGE) came under pressure, shedding 11.8%. Ethereum (ETH), the second-largest cryptocurrency, also fell by 7.6%.

While most of the major altcoins are undergoing a downfall, Bitcoin signals that investors are still optimistic about its future prospects. The Fear Greed Index, an indicator that measures market sentiment, currently shows a value of 84, which is indicative of greed. This means that, though the market has its problems, many people still believe in Bitcoin’s potential for future expansion.

Altcoins Beat Market Trends

Among the positives, several other altcoins have experienced a rally. The Department of Government Efficiency (DOGE) had a bumper increase of 930.8%. First Convicted RACCON (FRED) also increased by a whopping 191.1%. 

Other great performers include Peanut the Squirrel (PNUT), which gained 136.5%, and Major Frog (MAJOR), which raised by 74.4%. These smaller tokens have gone against this trend and are helping lift a falling market.

As Bitcoin surges past the $87,000 mark, the value of the market is still dominated by this digital coin. Observers will be keen to see how this pattern develops, particularly given that investor optimism has become so high. As the general market fluctuates, Bitcoin remains the most dominant cryptocurrency in the market and seems to be even more so now.

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