Bitcoin's dominance rate has stagnated as crypto investors are running towards the exit after the collapse of FTX. Reports godbole17
lead to a crash in the broader crypto market. The safe haven bid for bitcoin lifted its dominance rate from 39% to 48%. A similar bump was seen during the market swoon of May and June 2021. and during the 2018 bear market.
"There are many risks, including from macro markets and the risk perceived in holding crypto on an exchange, post-FTX. Moving to stablecoins is a most defensive posture, vs. moving into BTC, which is still a volatile asset in the end," Rosenblum told CoinDesk when asked if stablecoins have replaced BTC as crypto market safe-havens.
Bitcoin no longer represents a major chunk of development happening in the crypto industry as it did in 2018 and before. Exactly four years ago, during the peak of the 2018 bear market, bitcoin's share in the total crypto market was 59.4% versus 40% at press time.
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