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Bitcoin market dominance rises to 57 per cent

Bitcoin market dominance rises to 57 per cent

Bitget2024/11/21 22:31

Bitcoin's market share has reached a year-to-date high of 57 per cent, reflecting its growing share of total cryptocurrency market capitalisation, according to data. Bitcoin's dominance fell to 39 per cent at one point in the last cycle, echoing the DeFi boom and subsequent rally in torrents, analysts at The Block said. The current 57% dominance, coupled with Bitcoin's price strength, could signal that the market is at the beginning of this cycle and that BTC is entering a price discovery phase.

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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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