Bitcoin (BTC) Market Share Hits 60%, Highest Level Since May

Bitcoin (BTC) accounted for 60% of the cryptocurrency market Wednesday, its highest share since May, as investors favored it over altcoins. The share stayed near that level. Market share measures an asset’s portion of the total crypto market value, so Bitcoin’s share can increase if altcoins lose value faster, even when BTC’s price falls.

BTC fell below $82,000 Thursday after briefly topping $84,000 Wednesday, giving back the previous day’s short-lived gain. Losses were steeper across smaller-token benchmarks, including memecoin, computing and decentralized finance indexes. The CoinDesk Memecoin Index dropped more than 5%, while the Computing Select Index fell 3.5% and the DeFi Select Index declined 2.5%.

Crypto assets had earlier outperformed other markets, but their movements have become more closely aligned with stocks. Investors are waiting for a fresh industry catalyst, with Bitcoin exchange-traded fund (ETF) flows and Federal Reserve policy signals among the factors in focus.