Bitcoin outperforms Layer 1s SOL, ETH, DOT, BNB, ATOM in December

1 year ago

In December, Bitcoin outperformed the autochthonal tokens of the Solana, Ethereum, Polkadot, Binance, and Cosmos ecosystems, according to information analyzed by CryptoSlate.

Bitcoin dominance (BTC.D) has besides begun trending upward this month. The illustration beneath shows BTC.D starting December astatine 39.9% and moving progressively higher. The existent speechmaking is 41.5% – a seven-week high.

Bitcoin beats ample caps

Since December opened, Bitcoin has traded wrong a choky scope betwixt $16,790 and $17,400.

Following the merchandise of better-than-expected U.S. Consumer Price Index (CPI) data connected Dec. 13, BTC broke retired of this range, spiking to $18,000, but giving up immoderate of those gains, closing the time astatine $17,800.

Dec. 14 has seen the starring cryptocurrency physique connected the momentum, hitting a highest terms of $18,130 truthful far. However, with uncertainty reigning, peculiarly with respect to the macro outlook going into the vacation season, nary of this should beryllium taken arsenic a confirmed reversal.

Nonetheless, BTC has outperformed large-cap Layer 1s truthful acold this month. Losses compared to Bitcoin for December came successful at:

Ethereum -1.0%
Solana -2.9%
Polkadot -7.2%
Cosmos -11.2%
Binance -13.6%

Binance’s show noticeably deteriorated astir Dec. 12, arsenic FUD surrounding its solvency triggered a tally connected the exchange.

On-chain information showed that $6.5 billion was withdrawn implicit the past 24 hours. Binance CEO Changpeng Zhao (CZ) responded by saying it was bully to “stress test” his company.

In an update, CZ said contempt the monolithic outflows, caller enactment was not successful the apical 5 for withdrawals. He added that the speech is present seeing nett deposits.

Small-caps spell from champion to worst-performing cohort

Analyzing the returns of large, mid, and small-cap cohorts against Bitcoin shows each 3 groups person failed to outperform the marketplace person since Dec. 7.

The illustration beneath shows small-caps challenging BTC but coming unstuck astir Dec. 10. Since then, small-caps person plummeted to the worst-performing cohort astatine -8.8%.

Against BTC, mid-caps returned -6.3%, portion large-caps fared champion astatine -4.8%.

Like Binance Coin (BNB,) Dec. 12 marked a noticeable downturn successful show for each 3 cohorts.