Analysis: Bitcoin's market dominance rises to its highest level since May, altcoins under pressure as the market awaits new catalysts.

PANews October 22 news, according to CoinDesk, Bitcoin's market dominance rose to 60% on Wednesday, reaching its highest level since May this year and holding near that level, reflecting investors' preference for holding Bitcoin over altcoins. Meanwhile, Bitcoin fell below $82,000 on Thursday, giving back the gains from its brief break above $84,000 the previous day. Small-cap tokens declined more noticeably, with the CoinDesk Memecoin Index down more than 5%, the Computing Select Index down 3.5%, and the DeFi Select Index down 2.5%.

PANews October 22 news, according to CoinDesk, Bitcoin's market share rose to 60% on Wednesday, reaching its highest level since May this year and holding near that level, reflecting investors' preference for holding Bitcoin over altcoins. Meanwhile, Bitcoin fell below $82,000 on Thursday, giving back the gains from its brief break above $84,000 the previous day. Small-cap tokens declined more noticeably, with the CoinDesk Memecoin Index down more than 5%, the Computing Select Index down 3.5%, and the DeFi Select Index down 2.5%.

Joel Kruger, market strategist at LMAX Group, said that the crypto market's previous outperformance relative to other assets has shifted to moving more closely with the stock market, and investors are waiting for new industry catalysts. Vikram Subburaj, CEO of Indian exchange Giottus, noted that inflows into Bitcoin ETFs have not yet formed a sustained trend, and investors should avoid chasing rallies and pay attention to ETF fund flows and Federal Reserve policy signals.