Bitcoin Dominance Approaches 50% Amid Market Shift

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.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin Dominance Surges, Accounting For Nearly Half of The $1T Crypto Market, Amid Altcoin SelloffBitcoin's dominance rate spiked early Saturday as crash in alternative cryptocurrencies triggered a flight to safety. reports godbole17.
Source: CoinDesk - 🏆 291. / 63 Read more »

Bitcoin Dominance Soars to 47.5%: Highest Level in a Year as Other Crypto Assets Suffer – Market Updates Bitcoin NewsBitcoin is still the market leader with a market valuation of $496 billion, accounting for 47.5% of the crypto economy's $1.04 trillion market.
Source: BTCTN - 🏆 531. / 51 Read more »