Bitcoin Dominance Surges to 60% Amid Libra Memecoin Collapse

Bitcoin’s market dominance has climbed to nearly 60%, marking a 5% increase in the past month and 12% year-over-year, as investors pivot from altcoins following the collapse of the Libra memecoin.

Altcoin Volatility Fuels Bitcoin’s Rise

The surge comes amid significant losses in the altcoin market, with Solana trading around $185, down 4% in the past day. Analysts attribute this shift to institutional investors consolidating into Bitcoin, viewing it as a stable investmentamid altcoin turmoil.

Hina Sattar Joshi, Digital Assets Sales Director at TP ICAP, stated that Bitcoin’s dominance surpassing 60% is a reflection of increasing institutional confidence and the growing role of professional investors in the crypto market.

Libra Token Collapse Shakes Market Confidence

The collapse of the Libra memecoin, endorsed by Argentine President Javier Milei, has been a major catalyst. The token's value plummeted within hours, wiping out approximately $4 billion in market cap after reports of insider sniping during the launch undermined investor trust.

Bitcoin Stability vs. Altcoin Turbulence

Despite market volatility, Bitcoin has remained in a tight range between $95,000 and $97,000, signaling relative price stability compared to major altcoins. Analysts suggest that new catalysts will be necessary to drive Bitcoin’s next price breakout.

Bitcoin’s rising dominance underscores its status as a safe haven asset, as institutional investors seek refuge from altcoin volatility. The aftermath of the Libra token collapse highlights the risks of speculative memecoin investments, reinforcing Bitcoin’s appeal as a store of value.