As altcoin dominance reaches a multi-month high, Worldcoin’s WLD token is making a strong debut with a 30% on-launch gain. The project, however, comes with real-world centralization and privacy concerns. According to a report by Kaiko, Bitcoin’s volume dominance has declined to its lowest level since April, at 27%, driven by a surge in altcoin trading. This has caused the largest declines to be seen on offshore exchanges and a notable rise in altcoin activity on U.S. exchanges.
The freshly-launched token from the Sam Altman-affiliated project is up 30% in the last 24 hours as the market looks into the orb, said CoinDesk Market Index.
The market turnabout has been driven by a Ripple ruling and regulatory changes, and Ethereum co-founder Vitalik Buterin is already raising concerns about the project’s long-term viability outside the initial market pump.
Bitcoin investment products suffered a $13 million outflow last week, reversing the trend of consecutive weeks of massive inflows as investors instead favored funds focusing on smaller cryptocurrencies such as Ether (ETH) and Ripple’s XRP.
After a rough 2022, Bitcoin mining is swinging upward, said CoinDesk analyst George Kaloudis. Bitcoin’s hashrate was 400 exahash per second, up five-fold from June 2021.