Bitcoin dominance reaches 58.8%, highest since 2021

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Grafa2024/10/17 06:30

By:Isaac Francis

Bitcoin's (CRYPTO:BTC) market dominance has climbed to 58.8%, its highest level since 2021, reflecting a significant shift in the cryptocurrency market.

This metric tracks Bitcoin's share of the overall crypto market capitalization and indicates the asset's growing strength relative to other cryptocurrencies.

The recent increase follows a low of around 38% seen after the 2022 bear market.

Current dominance levels resemble those at the beginning of the 2020-2021 bull run, suggesting potential changes in market dynamics.

Bitcoin’s resurgence in dominance highlights how it has outperformed many altcoins in recent months.

This trend may be linked to increased investor confidence in Bitcoin as a stable digital asset amid broader macroeconomic challenges.

Historically, a rise in Bitcoin dominance often occurs during periods of market consolidation or the start of bullish trends, as capital tends to shift back to the more established asset.

The latest surge sees Bitcoin nearing a 60% dominance threshold, which brings its price movements under closer watch.

Despite being down 7% from its all-time high, the asset’s dominance has grown by 6.8% since its last peak in March.

At the time of writing, the Bitcoin (BTC) price was $67,285.91.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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