In the second quarter of 2023, Bitcoin (CRYPTO: BTC) demonstrated a strong performance, gaining market dominance over altcoins, according to a report.
Despite the crypto market experiencing a downturn, Bitcoin and Ethereum (CRYPTO: ETH) continued to build on their gains from the first quarter.
Other major cryptocurrencies such as Binance Coin (CRYPTO: BNB), Ripple (CRYPTO: XRP) and Cardano (CRYPTO: ADA) experienced significant losses during the same period.
These losses were largely attributed to lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase, labeling Binance Coin and Cardano as securities.
The DeFi sector was also hit hard, with tokens like Uniswap (CRYPTO: UNI), Chainlink (CRYPTO: LINK) and Lido (CRYPTO: LDO) suffering double-digit losses.
Also Read: Crypto Entrepreneur, Tron Founder Justin Sun Faces Lawsuit Over TrueUSD Acquisition
Similarly, the top five metaverse and play-to-earn tokens, including Axie Infinity (CRYPTO: AXS), Sandbox (CRYPTO: SAND) and Decentraland (CRYPTO: MANA), also saw losses of up to 40%.
Despite these losses, Bitcoin's dominance increased to a two-year high of just over 52% in late June.
It has since dropped back below 50% due to a recent altcoin rally driven by Ripple's partial court victory.
CoinGecko's report also highlighted the total market cap remained steady for the quarter, ending where it started at $1.2 trillion.
Bitcoin was the standout performer, outperforming the rest of the market with a gain of almost 7%, despite a 58.7% decline in its average daily trading volume from the previous quarter.
The report concluded by stating, "After a stellar Q1, Bitcoin still outperforms most major asset classes in Q2, only lagging behind the NASDAQ and S&P500."
It also suggested that hopes for an early "altseason" are dwindling as Bitcoin continues to reign supreme in the crypto market.
Read Next: Ripple's Legal Victory Will Be A Rising Tide For The Crypto Industry, Says Cantor Fitzgerald Report
Join Benzinga's Future of Crypto in New York City on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!
Photo: Unsplash
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!