Bitcoin’s share of the broader cryptocurrency market has skyrocketed this year, increasing the spread between the number one cryptocurrency and its primary competitor altcoins. Indeed, Bitcoin’s dominance has increased by almost 8 percentage points. It has soared from 57.58% earlier this year to where it stands today at 65.46%. This increase coincides with the overall market cap of altcoins (excluding stablecoins) having dropped by almost 24.61%.

The increased dominance highlights Bitcoin's relative stability. It further underscores the confidence that many investors have in Bitcoin versus the broader, more speculative altcoin market.

Today, exchanges like Huobi enable over 155,852 Bitcoin worth of daily trades between individual investors. This figure represents the total estimated market capitalization for all non-stablecoin virtual assets. Nonetheless, the combined market cap of altcoins — everything except Bitcoin — is currently just under $1.11 trillion.

Bitcoin’s recent crash has added to the volatile storms that have been pouring all across the crypto world.

Investor timidity has pulled the altcoin market’s capitalization down by more than half since its recent high. Investors are fleeing into the perceived safety of Bitcoin. This movement is the product of a number of forces. Regulatory uncertainty in altcoins and altcoin markets and an overall risk-off mentality in the market are major contributing factors.