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December 5, 2022
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Bitcoin vs Altcoins: Who is performing better?

Comparing the performance of Bitcoin and altcoin prices, the latter seems to be suffering the most in these difficult days.

The performance difference between Bitcoin and altcoins is highlighted by Sanctity, which points out the difference between the loss of 4.5% of Bitcoin, and the loss of 26% of dogecoin.

Taking the top ten cryptos by market capitalization as a benchmark, excluding stablecoins, of course, the price of BTC is currently down 15% on the one-week chart, but the other big cryptos have lost more.

For example, ETH is down 21%, roughly the same as BNB. The ADA is at -18%, while the XRP is down 27%.

Even the Doge and DOT are down 32%.

This difference is confirmed by the bitcoin domain, that is, the percentage of the total crypto market capitalization held by BTC.

On May 19, the day of the crash flash, Bitcoin dominance reached 2021 from 37.76% according to Coingecko.

In the following days, it returned above 40%, but with the drops in late May and early June, it was back.

However, from June 10th, it started to rise again, not so much due to a particularly positive performance of the BTC price, but due to a further drop in altcoin prices.

On June 12th, it was already back above 43%, while yesterday it surpassed 46%.

The current level of Bitcoin dominance is similar to that of early May, although the price is much lower.

Bitcoin crash and its effect on alts

In other words, after Bitcoin crashed on May 19th, an overall decline was triggered by altcoins, as the low peak reached by BTC that day was not reached again in the following days, except yesterday for a very short period.

So, since May 19, the price of Bitcoin has been moving sideways in a range between $30,000 and $40,000, with rare exceptions, while the price of many altcoins has fallen further over the same period.

This dynamic has been observed in the past. In fact, Bitcoin has often proven to be more resilient than altcoins. During bull phases, Bitcoin generally grows less in percentage terms, but holds up better during bear phases.

Source: cryptonomist

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