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Bitcoin Dominance Approaches 50% Amid Market Shift

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Amid recent turbulence on cryptocurrency market, Bitcoin's dominance has surged to nearly 50%, marking record high since April 2021

reaching a near 50% high, echoing the trend seen during the prolonged bear market between 2018 and 2022, per data provided by TradingView.

"Bitcoin dominance" refers to Bitcoin's market capitalization as a percentage of the total cryptocurrency market cap. A high dominance index reflects investor preference for Bitcoin over other cryptocurrencies. Bitcoin dominance has witnessed a considerable increase of 4.1% over the past week, reaching the highest level since April 2021.

Historically, the dominance of Bitcoin typically increases during bear markets. The primary reason behind this trend is the relative stability that Bitcoin offers in contrast to altcoins, a trait particularly appealing during market downturns. The recent shift in Bitcoin's dominance can be partially attributed to the underperformance of major altcoins, following the SEC's lawsuits against cryptocurrency giants Binance and Coinbase.

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