{"id":492471,"date":"2022-06-07T22:00:24","date_gmt":"2022-06-07T22:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=492471"},"modified":"2022-06-07T21:26:02","modified_gmt":"2022-06-07T21:26:02","slug":"crypto-investors-find-safety-in-stablecoins-bitcoin-ditch-altcoins-en-masse","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-investors-find-safety-in-stablecoins-bitcoin-ditch-altcoins-en-masse\/","title":{"rendered":"Crypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins En Masse"},"content":{"rendered":"

Bitcoin dominance is soaring as the overall crypto market bleeds. The current macro conditions have forced investors to take refuge in BTC and stablecoins.<\/p>\n

Related Reading |\u00a0<\/strong>Glassnode: Bitcoin Long-Term Holders Own 90% Of Supply In Profit<\/a><\/strong><\/p>\n

Bitcoin dominance has been on the rise since May this year after moving sideways in previous months. The metric, used to measure the percentage of the crypto market cap formed by Bitcoin, stands at 47% approaching levels last seen in November 2021.<\/p>\n

\"Bitcoin
BTCD on the rise in the 4-hour chart. Source: BTC Dominance Tradingview<\/a><\/figcaption><\/figure>\n

During this period, BTC\u2019s price took a final move to the upside and reached $69,000 before an overall market crash took it to its year-over-year low at $24,000 in May 2022. According to a recent report posted by Arcane Research, dominance across BTC, USDT, and USDC hints at a de-risking market:<\/p>\n

Currently the combined dominance of BTC, USDT, USDC, and BUSD sits at 59.2%, which is the highest dominance seen by this \u201cflight to safety bundle\u201d since early April 2021. 59.2% is still 5-10% shy of the dominance throughout most of 2020.<\/p><\/blockquote>\n

At that time, Bitcoin dominance alone sat north of 60%. The boom in non-fungible tokens (NFTs), rise in popularity of decentralized finance (DeFi) protocols, memecoins like DOGE and SHIB, contributed to the decline in this metric and drove the total market cap for cryptocurrencies to above $2 trillion.<\/p>\n

Arcane Research added that Bitcoin, Ethereum, and popular stablecoins have over 77% of crypto market cap dominance. This hints at a bleak picture for altcoins as investors attempt to preserve wealth from further downside.<\/p>\n

\"Crypto
Bitcoin, stablecoins, and Ethereum dominance are on the rise. Source: Arcane Research<\/figcaption><\/figure>\n

What once were hot sectors in the crypto space, NFTs and DeFi protocols, took the biggest hit in the current drawdown.<\/p>\n

As seen below, NFT collections like Bored Ape Yacht Club (BAYC), and CryptoPunks, along with Solana (SOL), Avalanche (AVAX), Yearn Finance (YFI), and Terra (LUNA Classic) have been the biggest loser in past months. The losses go from 100% to 58% in the best of cases.<\/p>\n

\"Bitcoin
Source: QCP Capital<\/a><\/figcaption><\/figure>\n

While Crypto Bleeds, Bitcoin On Its Way To $34,000?<\/h2>\n

The above suggests traders might consider leaving the altcoin market until conditions favor them again. In the meantime, Bitcoin dominance could continue its uptrend and return to its 2020 above of 60%.<\/p>\n

Related Reading |\u00a0$127 Million In Bitcoin And Ethereum Positions Liquidated Amid Market Drop<\/a><\/strong><\/p>\n

In addition, BTC\u2019s price could see some relief after a week of crab-like price action. On this note, economist Micha\u00ebl van de Poppe said<\/a> the following, with a more optimistic prediction for altcoins during June:<\/p>\n

Easy, the odds for a relief rally this month are increasing as #Bitcoin recovered this entire move. Altcoins on the daily timeframe is also starting to look better. This could be a relief rally of 50-100% on them. Be ready.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Bitcoin dominance is soaring as the overall crypto market bleeds. The current macro conditions have forced investors to take refuge in BTC and stablecoins. Related Reading |\u00a0Glassnode: Bitcoin Long-Term Holders Own 90% Of Supply In Profit Bitcoin dominance has been on the rise since May this year after moving sideways in previous months. The metric, used to measure the percentage of the crypto market cap formed by Bitcoin, stands at 47% approaching levels last seen in November 2021. During this period, BTC\u2019s price took a final move to the upside and reached $69,000 before an overall market crash took it to its year-over-year low at $24,000 in May 2022. According to a recent report posted by Arcane Research, dominance across BTC, USDT, and USDC hints at a de-risking market: Currently the combined dominance of BTC, USDT, USDC, and BUSD sits at 59.2%, which is the highest dominance seen by this \u201cflight to safety bundle\u201d since early April 2021. 59.2% is still 5-10% shy of the dominance throughout most of 2020. At that time, Bitcoin dominance alone sat north of 60%. The boom in non-fungible tokens (NFTs), rise in popularity of decentralized finance (DeFi) protocols, memecoins like DOGE and SHIB, contributed to the decline in this metric and drove the total market cap for cryptocurrencies to above $2 trillion. Arcane Research added that Bitcoin, Ethereum, and popular stablecoins have over 77% of crypto market cap dominance. This hints at a bleak picture for altcoins as investors attempt to preserve wealth from further downside. What once were hot sectors in the crypto space, NFTs and DeFi protocols, took the biggest hit in the current drawdown. As seen below, NFT collections like Bored Ape Yacht Club (BAYC), and CryptoPunks, along with Solana (SOL), Avalanche (AVAX), Yearn Finance (YFI), and Terra (LUNA Classic) have been the biggest loser in past months. The losses go from 100% to 58% in the best of cases. While Crypto Bleeds, Bitcoin On Its Way To $34,000? The above suggests traders might consider leaving the altcoin market until conditions favor them again. In the meantime, Bitcoin dominance could continue its uptrend and return to its 2020 above of 60%. Related Reading |\u00a0$127 Million In Bitcoin And Ethereum Positions Liquidated Amid Market Drop In addition, BTC\u2019s price could see some relief after a week of crab-like price action. On this note, economist Micha\u00ebl van de Poppe said the following, with a more optimistic prediction for altcoins during June: Easy, the odds for a relief rally this month are increasing as #Bitcoin recovered this entire move. Altcoins on the daily timeframe is also starting to look better. This could be a relief rally of 50-100% on them. Be ready.<\/p>\n","protected":false},"author":535,"featured_media":492438,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,6664],"class_list":["post-492471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-crypto"],"acf":[],"yoast_head":"\nCrypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins<\/title>\n<meta name=\"description\" content=\"Bitcoin dominance is soaring. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins En Masse","url":"http:\/\/wncen.com\/news\/crypto-investors-find-safety-in-stablecoins-bitcoin-ditch-altcoins-en-masse\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/crypto-investors-find-safety-in-stablecoins-bitcoin-ditch-altcoins-en-masse\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/51782507879_e4a995d534_o.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/51782507879_e4a995d534_o.png?fit=768%2C432"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","crypto"],"dateCreated":"2022-06-07T22:00:24Z","datePublished":"2022-06-07T22:00:24Z","dateModified":"2022-06-07T22:00:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins En Masse\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-investors-find-safety-in-stablecoins-bitcoin-ditch-altcoins-en-masse\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-investors-find-safety-in-stablecoins-bitcoin-ditch-altcoins-en-masse\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/51782507879_e4a995d534_o.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/51782507879_e4a995d534_o.png?fit=768%2C432\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"crypto\"],\"dateCreated\":\"2022-06-07T22:00:24Z\",\"datePublished\":\"2022-06-07T22:00:24Z\",\"dateModified\":\"2022-06-07T22:00:24Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/51782507879_e4a995d534_o.png?fit=768%2C432","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/492471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=492471"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/492471\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/492438"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=492471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=492471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=492471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}