As Bitcoin dominance doubles, analyst says altcoin charts are like "radioactive decay"

The majority of alternative cryptocurrencies, or altcoins, have fallen by more than 90 percent from their record highs, leading Bitcoin to reclaim its dominance over the crypto market.

Bitcoin dominance is up from 33.47 to 67 percent.

Since January 2018, the dominance index of bitcoin, which measures the share of bitcoin over the global crypto market, has doubled from 33.47 to 67 percent.

According to data from athcoinindex, Bitcoin is down by 53 percent from its all-time high while most altcoins, including major crypto assets such as Ethereum, XRP, and Bitcoin Cash have dropped by 80 to 95 percent against the U.S. dollar.

Altcoins outside of the top ten in the likes of Cardano, Stellar, TRON, and NEO have performed particularly poorly against the U.S. dollar, declining by well over 90 percent.

Similar to the equities market, during times of stagnancy and a lack of interest from the general public, investors in the crypto market tend to flock to bitcoin as a less risky option over altcoins.

While the Bitcoin price is up by 100 percent year-to-date, it is still substantially down from its record high with its volume declining noticeably since its yearly high in June.

As reported by CryptoSlate, November has tended to be the best performing month for bitcoin but for two consecutive years, BTC is at risk of recording a net negative in November.

As accumulation increases and the hash rate of Bitcoin continues to increase ahead of the block reward halving, the dominance of BTC is expected to rise even further, possibly into levels unseen since 2017, in the 70 percent area.

Bitcoin is facing strong resistance at $9,400, with its $9,200 support level anticipated to be broken with rising sell pressure and sell limit orders on major fiat-to-crypto exchanges like Coinbase.