Bitcoin's dominance over all other cryptocurrencies has hit its highest value in three years following crypto's mild recovery from yesterday's sharp selloff, which was sparked by the news of an impending Iranian attack against Israel.
The Block's GMCI 30 Index has recovered about 6% from yesterday's low point, which saw a speedy selloff following the news of the attack, which Israel said it thwarted. Following the recovery, according to The Block's data dashboard, Bitcoin now commands nearly 53% of the crypto market, the most since early April 2021 and more than every other cryptocurrency combined.
Surveying the one-day performance of the top 20 cryptocurrencies by market cap shows that Bitcoin had one of the strongest recoveries from yesterday's selloff, corresponding to its increase in dominance, though it still lost value like nearly other token in the top 20. Bitcoin's appeal as an inflation hedge has been increasing due to its upcoming halving event and uncertain macroeconomic headwinds, The Block previously reported. Bitcoin's halving is just five days away, according to The Block's tracker. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space.
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