Bitcoin dominance back above 60% as altcoins slow-bleed
Bitcoin's price experienced a decline of approximately 7.3% over the past week, but it still outpaced most altcoins, leading to Bitcoin's dominance increasing above 60% on February 2. The drop was largely influenced by US President Donald Trump's transfer tariffs, with significant losses in altcoins: Ether fell by 9.3%, XRP by 13.8%, and Solana by around 19.3%. Amid fears of inflation and predictions of high interest rates for 2025, investors shifted from riskier assets to US government securities. Analyst Van Nuener indicated potential further declines in crypto markets following the opening of US futures markets. Additionally, Bitget's chief analyst, Ryan Lee, suggested macroeconomic factors would be essential in determining Bitcoin’s price trajectory. This market turbulence also coincided with concerns over a new AI model from China, DeepSeek, which raised additional uncertainties in financial markets.
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