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Bitcoin dominance hits 59%, altcoins and memecoins face pressure amid market efficiency catching up.

Market News
24 May 2026
Crypto news
View Source
Bearish
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Blockstream CEO Adam Back renewed his criticism of altcoins and memecoins, suggesting efficient markets may eventually price many of these tokens near zero due to their weak long-term value. Bitcoin dominance remains high at around 59%, limiting capital flow into altcoins and keeping nearly 40% of altcoins near all-time lows. This environment favors Bitcoin and a few large-cap tokens, as memecoins, driven mostly by trends and online attention, remain highly volatile and vulnerable when risk appetite declines. A sustained altcoin recovery would require Bitcoin dominance to fall and risk appetite to improve.

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