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Magyar22 Oct 2026
Bitcoin's share of the total crypto market reached 60% on Wednesday, its highest level since May, while smaller tokens such as memecoins and DeFi coins lost ground. Analysts say the market is waiting for a new catalyst, with volatile ETF flows and next week's Federal Reserve meeting in focus.
Crypto traders are rotating toward bitcoin as the rest of the market weakens. According to CoinDesk, bitcoin’s dominance rate, its share of the total value of all digital assets, climbed to 60% on Wednesday, the highest since May, and stayed near that level on Thursday.
Bitcoin holds up while smaller tokens fall
Price action has been muted. Bitcoin slipped below $82,000 on Thursday after a brief move above $84,000 on Wednesday. Over seven days, bitcoin and most other major tokens, including ether, XRP and solana, were largely flat to slightly positive. Zcash was the only major coin to gain more than 10% in that period.
Smaller tokens fared worse over the same stretch:
- CoinDesk Memecoin Index: down more than 5%
- CoinDesk Computing Select Index: down 3.5%
- CoinDesk DeFi Select Index: down 2.5%
Waiting for a catalyst
Joel Kruger, market strategist at LMAX Group, said crypto has moved into “closer alignment with equities” as investors wait for a fresh catalyst. He added that the global macro picture remains the main driver, and that bitcoin’s scarcity could help it handle jitters in stock markets.
Vikram Subburaj, CEO of Indian exchange Giottus, warned against chasing rallies because spot bitcoin ETFs still lack steady demand. “Flows remain volatile, and sustained inflows are needed to confirm a stronger recovery,” he said, suggesting staggered entries and measured position sizes. The Federal Reserve meets on interest-rate policy next week.
XRP chart flashes caution
CoinDesk also highlighted XRP’s daily chart, where the price is trading below the Ichimoku cloud, an indicator used to gauge support, resistance and momentum. Holding below the cloud is read as a sign of building bearish momentum and could point to further losses.
What it means for traders
Rising bitcoin dominance during a soft market usually signals risk aversion: traders keep exposure to the largest asset and cut riskier altcoins. Until ETF flows stabilise or the Fed meeting gives direction, altcoin rallies may struggle, and thin liquidity in smaller tokens can make moves sharper in both directions. Position sizing and stop placement matter more in this kind of tape.
If you are adjusting your portfolio or trading the rotation, fees and liquidity on your exchange add up quickly. Our exchange comparison lines up costs side by side, and our reviews of BingX, OKX and Kraken cover spot and futures trading. See how we test for our method. This is not financial advice.
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