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In December, Bitcoin outperformed native tokens in the Solana, Ethereum, Polkadot, Binance, and Cosmos ecosystems, according to data analyzed by CryptoSlate.
The dominance of Bitcoin (BTC.D) also started to rise this month. The chart below shows that BTC.D starts December at 39.9% and gradually rises. The current reading is 41.5% – a seven-week high.
Source: BTC.D on TradingView.comBitcoin Beats Large Caps
Since the December open, Bitcoin has traded in a tight range between $16,790 and $17,400.
Following the release of better-than-expected US Consumer Price Index (CPI) data on Dec. 13, BTC broke out of that range, hitting $18,000 but giving up some of those gains, closing the day at $17,800.
December 14 saw the major cryptocurrency gain momentum, hitting an all-time high of $18,130 so far. However, with the uncertainty prevailing, particularly regarding the macroeconomic outlook as we approach the holiday season, none of this should be taken as a confirmed reversal.
Nonetheless, BTC has outperformed large-cap Layer 1s so far this month. Losses against Bitcoin for December amounted to:
Ethereum -1.0%Solana -2.9%Polkadot -7.2%Cosmos -11.2%Binance -13.6%Source: Glassnode.com
Binance’s performance deteriorated noticeably around December 12, as the FUD surrounding its solvency sparked a stock run.
On-chain data showed $6.5 billion withdrawn in the past 24 hours. Binance CEO Changpeng Zhao (CZ) responded by saying it was good to “stress test” his company.
In an update, CZ said that despite the massive outflows, recent activity did not make it into the top 5 for withdrawals. He added that the exchange is now seeing net deposits.
Small caps move from the best performing cohort to the worst performing
Analysis of the returns of the large, mid and small cap cohorts against Bitcoin shows that all three groups have failed to outperform the market leader since December 7.
The chart below shows that small caps challenge BTC but break free around December 10. Since then, small caps have fallen to become the worst performing cohort at -8.8%.
Against BTC, mid caps returned -6.3%, while large caps performed better at -4.8%.
Like Binance Coin (BNB), December 12 marked a noticeable drop in performance for all three cohorts.
Source: Glassnode.comRead our latest market reportGet an edge in the crypto market
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Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMiVmh0dHBzOi8vY3J5cHRvc2xhdGUuY29tL2JpdGNvaW4tb3V0cGVyZm9ybXMtbGF5ZXItMXMtc29sLWV0aC1kb3QtYm5iLWF0b20taW4tZGVjZW1iZXIv0gFcaHR0cHM6Ly9jcnlwdG9zbGF0ZS5jb20vYml0Y29pbi1vdXRwZXJmb3Jtcy1sYXllci0xcy1zb2wtZXRoLWRvdC1ibmItYXRvbS1pbi1kZWNlbWJlci8_YW1wPTE?oc=5 The mention sources can contact us to remove/changing this article |
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