2024

Bitcoin ETF

Bitcoin

Shiba Inu

The last two times bitcoin prices made new all-time highs, total crypto market capitalization was around $3 trillion.&nbsp;On Nov. 10, 2021, the metric topped $3 trillion when BTC hit its cycle peak of $69,000.
Total capitalization also neared the $3 trillion mark in March this year when the asset made its all-time high of $73,738.
However, as BTC closes in on <a href="https://cryptopotato.com/bitcoin-price-flirts-with-a-new-ath-leaving-over-100-million-shorts-liquidated/" data-wpel-link="internal" rel="noopener noreferrer nofollow">new price discovery</a> again this week, total capitalization remains at around $2.5 trillion. This means that altcoin markets are down around $500 billion from previous peaks.
<h2 id="so-what-is-different">So What is Different?</h2>
The major drag on total capitalization at the moment is Ethereum, which has vastly underperformed this year.&nbsp;During the last bull market peak, ETH market capitalization reached $570 billion when the asset hit its peak price of $4,878 on Nov. 10, 2021.
In March of this year, ETH market capitalization reached $490 billion, and the asset topped $4,000. However, its market cap at the moment is just $317 billion, with prices failing to break resistance at $2,650, down 46% from their peak three years ago.&nbsp;Some traders remain unperturbed, however, viewing the lull as an accumulation zone.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ETH</a>
 As mentioned before, 30% of my total spot portfolio is in Ethereum – Not without a reason.
 Beautiful accumulation. <a href="https://t.co/c2iaLgWcEQ" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/c2iaLgWcEQ</a>
 — TraderPA (@Trader1PA) <a href="https://twitter.com/Trader1PA/status/1851186624245166233?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">October 29, 2024</a>
</blockquote>
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Ethereum is not the only altcoin dragging its digital feet. Most of the high-cap crypto assets are down significantly from their peaks. Solana (SOL) is 31% down, XRP&nbsp;is 85% down,&nbsp;<a href="https://cryptopotato.com/bitcoin-price-eyes-ath-as-dogecoin-doge-skyrockets-15-daily-market-watch/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Dogecoin</a> (DOGE) is 76% down, Toncoin (TON) is 39% down, and Cardano (ADA) is&nbsp;a whopping 88% away.
Other previously high-cap altcoins such as Polkadot (DOT) have collapsed 92% from their peak price while Shiba Inu (SHIB) is down 78%.
The only altcoin even close to its peak that was in the top ten in 2021 is Binance Coin (BNB), which is 16% away from a new price high.
This altcoin market cap drag comes despite a surge in stablecoin capitalization, which is currently $177 billion, up from around $120 billion in late 2021. Analyst James Check noted the impact of the stablecoin market cap, <a href="https://x.com/_Checkmatey_/status/1851408785027567656" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">stating</a> that it is “actually worse for altcoins” than it appears.
<h2 id="bitcoin-dominance-tops-60">Bitcoin Dominance Tops 60%</h2>
The altcoin crush and lack of momentum for most crypto assets indicate a <a href="https://cryptopotato.com/retail-bitcoin-investors-are-lagging-heres-what-it-means-according-to-cryptoquant/" data-wpel-link="internal" rel="noopener noreferrer nofollow">lack of retail</a> participation at the moment.
This is further evidenced by the surge in institutional Bitcoin ETF flows, which have seen more than $2 billion worth of inflows over the past five trading days.
Moreover, Bitcoin dominance has now topped 60% for the first time since March 2021, <a href="https://www.tradingview.com/symbols/BTC.D/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">according</a> to Tradingview. However, some analysts are confident that altseason is just around the corner.
<blockquote class="twitter-tweet">
 Altseason is about to start any moment now. <a href="https://t.co/pHK11MVjF5" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/pHK11MVjF5</a>
 — Mister Crypto (@misterrcrypto) <a href="https://twitter.com/misterrcrypto/status/1851268250036064723?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">October 29, 2024</a>
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The post <a href="https://cryptopotato.com/as-bitcoin-nears-record-highs-500b-missing-from-altcoin-markets/" rel="noopener noreferrer nofollow">As Bitcoin Nears Record Highs, $500B Missing from Altcoin Markets</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

As Bitcoin Nears Record Highs, $500B Missing from Altcoin Markets

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