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The second quarter of the year has been solid for bitcoin’s performance as its market dominance has increased against altcoins that “bleed off” throughout the quarter, according to CoinGecko.
The crypto data aggregator released its industry first on July 18. reports for the second quarter of 2023, which states that bitcoin (BTC) and ether (ETH) continued their gains in the first quarter compared to the second quarter.
Meanwhile, Binance Coin (BNB), XRP (XRP), and Cardano (ADA) all posted double-digit losses at the time.
CoinGecko said that BNB and ADA were among the biggest losers as both were labeled securities by the Securities and Exchange Commission (SEC) in lawsuits filed against Binance and Coinbase.
Decentralized finance (DeFi) tokens were particularly hard hit during the quarter, with Uniswap (UNI), Chainlink (LINK) and Lido (LDO) posting double-digit losses.
The top five metaverse and play-to-earn tokens by market cap, including Axi Infinity (AXS), Sandbox (SAND) and Decentraland (MANA), also registered losses of up to 40%.
As a result, bitcoin dominance increased to a two-year high of over 52% at the end of June. However, it fell below 50% recently with an altcoin rally spurred by Ripple’s partial court victory.
Additionally, most of the altcoins that made gains after the 80% XRP pump have already lost ground, returning the market to its pre-court ruling.
CoinGecko reported that the total market capitalization for the quarter remained sideways, where it started the period at $1.2 trillion. It remained sideways in the third quarter and is still at $1.2 trillion at the time of writing.
The biggest winner of the period was bitcoin with gains of around 7%, outperforming the rest of the market, the report said. However, the average daily trading volume for BTC decreased by 58.7% from the previous quarter.
Connected: ‘Altcoin season’ anyone? Bitcoin’s Dominance Drops After XRP’s Victory
“After a stellar Q1, bitcoin still outperformed most major asset classes in Q2, trailing only the NASDAQ and S&P500,” the report said.
Most altcoins except XRP are retreating at the moment, diminishing hopes of an early ‘altseason’ as bitcoin remains the king of crypto.
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