Odaily Planet Daily News Matrixport released today's chart saying that Bitcoin's dominance rate has soared to a new high in this cycle, breaking through the previous peak, which clearly shows that the rebound of altcoins is extremely short-lived. This round of market lasted only about a month, starting with Trump's election in November last year and ending abruptly in early December. An unexpectedly strong US employment report quickly changed the market focus, and the Federal Reserve's more hawkish stance increased the downward pressure on risky assets.
Veteran traders have rotated back to Bitcoin from altcoins, and although Bitcoin's own price has fallen, it still performs significantly better than the market. The current market's hope is that liquidity will pick up to push Bitcoin further higher. However, with the Fed's hawkish tone unchanged, the next round of gains may still require more patience.