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We passed the 50% mark recently, and if we look at what happens today, almost all alts lose a lot and bitcoin just loses little in comparison.
Is it because when we have a bear market like now, people turn to bitcoin because it is more secure? I think the opposite happened with the bull market last december, people turned to fancy alts because they thought they could hit the next 10× or 100×.
Well, because when bitcoin price drops that is usually people leaving the crypto market in general. Of course there are people who hold altcoins and have zero bitcoins but the main general consensus is people have bitcoin but diversify their portfolio by having other coins. Which means when people are selling bitcoin they already sold their altcoins.
When bitcoin starts to gain some price increase that means money is getting back into bitcoin, however not to altcoins right away. Which causes bitcoin price to go up but altcoins to stay valued however lose value against bitcoin which makes bitcoin get a higher market dominance. We need bitcoin to get more volume and people to have a lot more bitcoin and price to go up and stay up before we see people regaining trust on altcoins and start reinvesting into those.