During Q2, Bitcoin recorded an almost 7% gain, while altcoins continued to fall.
In the second quarter of the year, Bitcoin solidified its dominance, while alternative digital currencies faced significant declines.
According to the crypto industry report shared on July 18th, during Q2, Bitcoin (BTC) and Ether (ETH) continued to grow on the momentum from Q1, while their altcoin counterparts endured a challenging quarter.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Odysee & LBRY? Is Decentralized YouTube Possible? (ANIMATED)
Expanding on this, the report documented substantial losses for Binance Coin (BNB), Ripple's XRP (XRP), and Cardano (ADA), with these cryptocurrencies experiencing double-digit drops over the period.
Based on the report, BNB and ADA were most heavily impacted due to their classification as securities in legal proceedings led by the Securities and Exchange Commission against cryptocurrency exchange platforms Binance and Coinbase.
The quarter was particularly tough for Decentralized Finance (DeFi) tokens. Uniswap (UNI), Chainlink (LINK), and Lido (LDO) all faced significant losses, bearing the brunt of the tumultuous market.
Tokens associated with Metaverse and play-to-earn entities, namely Axie Infinity (AXS), Sandbox (SAND), and Decentraland (MANA), registered losses amounting to 40%.
As a consequence of these losses, Bitcoin's dominance reached a pinnacle not seen in two years, hitting just over 52% in late June. However, this dominance experienced a slight dip, falling below 50% in response to the recent rally of altcoins sparked by Ripple's partial legal victory.
However, the altcoins that experienced a surge following the 70% XRP boost have largely lost these gains, returning the market to its pre-court ruling state.
The total market capitalization stayed largely stable for the quarter, beginning and ending the period at the $1.2 trillion mark, a trend that continued into the third quarter.
The report crowned Bitcoin the standout performer of the period, with a nearly 7% gain, outstripping the rest of the market. However, it also flagged a reduction in the average daily trading volume for Bitcoin, down by 58.7% compared to the previous quarter.
Except for XRP, most altcoins continue to recede at present. Therefore, anticipation for an early "altseason" is fading, with Bitcoin maintaining its power in the crypto industry.
