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1 Feb 2022

Bitcoin begins to Reassert its Dominance over Competitors to its Crypto Crown

The Index Today

The original digital coin was troubled by thousands of new "altcoin" competitors last year of 2021 - from solana and polkadot to litecoin and dogecoin - raising the prospect of a rapid changes in the market of cryptocurrencies.

Yet bitcoin has prevented its loss of market share this month, and begun to regain as investors seek the relative safety of the biggest crypto player while they contend with an aggressive Fed and talk of war in Europe, Reuters news reported.

With the present data, Bitcoin's share of the $1.68 trillion crypto market has risen to about 42%, from 39% two weeks ago - the first time it has registered an increase since dropping from a peak of 46% in mid-October, according to data from CoinMarketCap which tracks 17,225 cryptocurrencies across 458 exchanges.

Matthew Dibb, chief operating officer of Singapore-based crypto fund distributor Stack Funds said, ”If risk-off persists, bitcoin will suck up the liquidity in crypto markets.”

"While many casual market observers were able to print a pretty satoshi (bitcoin investment) last year simply by watching their favorite assets go up, 2022 is likely to require a much more careful, nuanced, and active strategy," said Jeff Dorman, chief investment officer of digital asset management firm Arca.

"Pockets of strength will periodically emerge, and catching a few of those shifts will be incredibly important for performance this year."

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