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Bitcoin's (BTC) dominance rate has dropped sharply, indicating that traders are increasingly focusing on the broader cryptocurrency market.

The dominance rate, representing BTC's share of the total cryptocurrency market valuation, has decreased by 5.8% in one week to just under 61%, marking the lowest level since March, according to data source TradingView. This is the biggest slide since June 2022. The gauge peaked closer to 66% at the end of the last month.

Meanwhile, the total crypto market capitalization has increased from $3 trillion to roughly $3.8 trillion in three weeks, with altcoins like ether (ETH) leading the way higher as BTC's market share dropped.

In other words, it has been more profitable lately to stay invested in altcoins rather than bitcoin. Moreover, with BTC taking a bull breather below $120,000, its positive correlation with altcoins has weakened significantly, a pattern that has historically presaged heightened volatility and forced liquidations of leveraged bets, according to research by Alphractal.

"One chart stands out: the Correlation Heatmap. It shows that the average correlation between altcoins and BTC is dropping fast — even turning negative. In other words, altcoins are no longer following Bitcoin’s movements. Historically, low correlation is a red flag. It often precedes periods of high volatility and mass liquidations — whether from shorts or longs,"

Unit bias is a cognitive bias that causes investors to prefer owning whole units or a large number of units of an asset over fractions or a small number of units, even if both represent the same value in absolute terms.