According to CoinGecko’s industry report for Q2 2023, Bitcoin’s performance has been solid, and its market dominance has increased against altcoins, which experienced losses throughout the quarter.
Both Bitcoin and Ether continued to build upon their gains from Q1 over Q2. However, other major altcoins like Binance Coin, XRP, and Cardano suffered double-digit losses during this period. BNB and ADA saw the most significant losses, partly due to their classification as securities in lawsuits filed against Binance and Coinbase by the Securities and Exchange Commission.
Decentralized finance (DeFi) tokens, including Uniswap, Chainlink, and Lido (LDO), were hit particularly hard during the quarter, experiencing double-digit losses as well.
Metaverse and play-to-earn tokens, such as Axie Infinity, Sandbox, and Decentraland, also marked losses of up to 40%.
As a result of the altcoin losses, Bitcoin’s dominance increased to a two-year high of just over 52% in late June, but it has since dropped back below 50% due to the altcoin rally driven by Ripple’s partial court victory.
Despite the overall sideways movement in the total market cap during the quarter, Bitcoin stood out as the big winner, outperforming most other assets with a gain of almost 7%. However, the average daily trading volume for BTC declined by 58.7% compared to the previous quarter.
The report noted that, after a strong Q1, Bitcoin still outperforms most major asset classes in Q2, with the exception of the NASDAQ and S&P500.
With many altcoins, except for XRP, continuing to retreat at the moment, the hope for an early “altseason” has diminished, and Bitcoin remains the dominant player in the cryptocurrency market.
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