![Bitcoin regains market dominance while Ethereum and BNB hit new cycle lows](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/10/insights-bitcoin-dominance.jpg&w=70&h=37&q=75)
Quick Take
Recent market data underscores a significant shift in cryptocurrency dynamics as Bitcoin’s dominance over altcoins, like Ethereum and BNB, surges forward. Yesterday marked a notable sell-off in altcoins, encompassing all cryptocurrencies besides Bitcoin. This sell-off has led to Binance Coin (BNB) and Ethereum (ETH) reaching new lows against Bitcoin this cycle.
When evaluated in terms of USD, Binance Coin hit $208 for the third time. The Ethereum to Bitcoin ratio plunged to an all-time low of $0.057. Interestingly, Ethereum’s USD-denominated value avoided hitting a new low, holding steady above its previous low of $1,544 in September.
Meanwhile, Bitcoin has been steadily amplifying its market cap dominance, now accounting for more than 51%, and seems to be approaching a new cycle high. This shift indicates a possible investor preference towards Bitcoin, the world’s largest and most established cryptocurrency, over its smaller counterparts like Ethereum and Binance Coin.
![Ethereum/BNB vs BTC: (Source: Trading View)](https://cryptoslate.com/wp-content/uploads/2023/10/BTC9.png)