According to data analyzed by CryptoSlate, Bitcoin surpassed native tokens in the Solana, Ethereum, Polkadot, Binance and Cosmos ecosystems in December.
Bitcoin Dominance (BTC.D) is also trending higher this month. The chart below shows that BTC.D started at 39.9% in December and has been steadily rising. The current reading is 41.5%, a seven-week high.
Bitcoin Beats Large Caps
Bitcoin has traded in a narrow range between $16,790 and $17,400 since it opened in December.
After the release of better-than-expected US Consumer Price Index (CPI) data on Dec. 13, BTC broke through this range and surged to $18,000, but abandoned some of those gains, We finished the day with $17,800.
On December 14th, the major cryptocurrency gained momentum, reaching a peak price of $18,130 so far. However, neither should be viewed as a confirmed reversal as uncertainty reigns around the macro outlook, especially towards the holiday season.
Nonetheless, BTC has outperformed large-cap Layer 1s so far this month. Here are the losses compared to Bitcoin in December:
- Ethereum -1.0%
- Solana -2.9%
- Polkadot -7.2%
- Cosmos -11.2%
- Binance -13.6%
Binance’s performance deteriorated noticeably around December 12th. Because his FUD over that solvency caused the exchange to rise.
On-chain data showed that $6.5 billion Withdrawn within the last 24 hours. Binance CEO Zhao Changpeng (CZ) replied that it would be good to “stress test” his company.
In the update CZ Despite the massive outflow, the recent activity did not make the top five withdrawals.
Small caps move from best cohort to worst cohort
An analysis of the large, mid and small cap cohort returns against Bitcoin shows that all three groups have failed to outperform the market leaders since December 7th.
The chart below shows small-caps challenging BTC but stalling around December 10th.
Against BTC, mid caps gained -6.3%, while large caps performed the best at -4.8%.
Similar to Binance Coin (BNB), all three cohorts underperformed significantly on December 12th.
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