The second quarter of the year has seen confirmation of Bitcoin’s ongoing strength against altcoins, which have bled throughout this season, according to CoinGecko. On July 18, the crypto data aggregator’s industry report for Q2 2023 revealed that Bitcoin ( BTC ) and Ethereum (ETH) kept increasing over this quarter. Whereas Binance Coin (BNB), XRP (XRP), and Cardano (ADA) underwent steep losses attributed to litigation suits filed by the SEC. Further erosion was experienced in DeFi tokens Uniswap ( UNI ), Link (LINK) and Lido (LDO). As for metaverse and play-to-earn tokens Axie Infinity (AXS ), Sandbox (SAND) and Decentraland (MANA ), their market capital also endured a beating requiring a written-off of 40%. As a result, Bitcoin received increments in its market dominance, plateauing at around a two year maximum of 52% in late June, although it dropped to under 50% recently followed by the altcoin scenario.
Adding onto this, the entire market capitalization of crypto has remained static around US$1.2 trillion towards the closure of the last and start of the current quarter, while Bitcoin has so far set up remarkable returns of near about 7%, according to CoinGecko’s reports. This marked gain of Bitcoin only gets competitive with the NASADAQ or the S&P 500.
With most out of the altcoin still going reverse for now, expectations for a progressive “altseason” might consist of diminishing ideals leaving Bitcoin to still be exalted as the monarch.
