In the second quarter of 2023, Bitcoin performed well and gained 6.9% market dominance over other cryptocurrencies, while many alternative coins (altcoins) struggled.
According to CoinGecko’s report, Bitcoin and Ether continued to build upon their gains of 6.0% from the first quarter, while altcoins like Binance Coin, XRP, and Cardano experienced significant losses.
The losses for BNB and ADA were due to legal issues involving securities lawsuits against Binance and Coinbase. Decentralized finance (DeFi) tokens, such as Uniswap, Chainlink, and Lido, also suffered losses.
The top metaverse and play-to-earn tokens, including Axie Infinity, Sandbox, and Decentraland, saw losses of up to 40%. As a result, Bitcoin’s dominance in the market increased to a two-year high in late June but has since dropped below 50% due to an altcoin rally driven by Ripple’s court victory.
Also Read: Ripple (XRP) Price Soars Nearly 100% Amid SEC Victory
Despite the overall market cap remaining relatively stable at $1.2 trillion, Bitcoin emerged as the winner of the quarter with a gain of nearly 7%.
However, its average daily trading volume decreased by 58.7% compared to the previous quarter. While hopes for an early altcoin season are diminishing as most altcoins continue to decline, Bitcoin remains the dominant cryptocurrency.
Also Read: The SEC Effect: Altcoin Market Shatters With Over 25% Drop
