Feb 1 (Reuters) – Bitcoin is beginning to reassert its dominance over challengers to its cryptocurrency crown.
The original digital coin was assailed by thousands of new “altcoin” competitors in 2021 – from solana and polkadot to litecoin and dogecoin – raising the prospect of a rapid fragmentation of the crypto market.
Yet bitcoin has stemmed its loss of market share this month, and begun to regain ground, as rattled investors seek the relative safety of the biggest crypto player while they contend with an aggressive Fed and talk of war in Europe.
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.
