Bitcoin’s performance in the second quarter of 2023 has been strong, with its market dominance increasing against altcoins that experienced losses during the period, as reported by CoinGecko.
The crypto data aggregator released its Q2 industry report on July 18, revealing that Bitcoin (BTC) and Ether (ETH) continued to build on their gains from the previous quarter.
While Bitcoin and Ether made progress, other cryptocurrencies suffered double-digit losses.
Binance Coin (BNB), XRP, and Cardano (ADA) were among the hardest hit. BNB and ADA were particularly affected due to their classification as securities in lawsuits against Binance and Coinbase filed by the Securities and Exchange Commission.
The decentralized finance (DeFi) sector also took a hit, with tokens like Uniswap (UNI), Chainlink (LINK), and Lido (LDO) experiencing significant losses.
Metaverse and play-to-earn tokens, including Axie Infinity (AXS), Sandbox (SAND), and Decentraland (MANA), also faced losses of up to 40%.
Bitcoin’s dominance reached a two-year high of over 52% in late June but subsequently dropped below 50% due to an altcoin rally fueled by Ripple’s partial court victory.
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However, most altcoins that had gained following the XRP pump lost their gains, returning the market to its pre-ruling state.
CoinGecko’s report highlighted that the total market capitalization remained relatively stable throughout the quarter, starting and ending at $1.2 trillion.
As the third quarter began, the market cap remained unchanged at $1.2 trillion.
Bitcoin emerged as the winner of the period, outperforming the rest of the market with a gain of nearly 7%.
However, the average daily trading volume for BTC declined by 58.7% compared to the previous quarter.
Despite this decline, the report stated that Bitcoin still outperformed most major asset classes in Q2, trailing only behind the NASDAQ and S&P 500.
With most altcoins, except for XRP, currently experiencing a retreat, the prospects for an early “altseason” are diminishing. Bitcoin continues to maintain its position as the dominant cryptocurrency in the market.
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