Bitcoin's dominance rate in the crypto market capitalization increased early Saturday, approaching the 50% mark for the first time since April 2021. This rise coincided with double-digit losses in alternative cryptocurrencies like SOL, MATIC, DOGE, and ADA due to rumors of a $2 billion portfolio dump by a proprietary trading firm. Bitcoin's relative outperformance may be due to increased haven demand as investors move money out of altcoins and into the world's largest and most liquid cryptocurrency. The steady rise in BTC's dominance rate since November and its surge during the March U.S. banking crisis suggests continued bitcoin outperformance in the months ahead.
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