Bitcoin’s dominance, an indicator that measures the market share of virtual currencies, is currently approaching 60%.
Despite no season in sight for altcoins, they have risen nearly 10% in the past month alone.
The flagship cryptocurrency currently enjoys the largest market share since April 2021. At that time, Bitcoin’s market share collapsed by 16.64% in less than a month.
In September 2022, Bitcoin’s dominance briefly fell below 40% during a severe bear market, reaching a local low of 38.84%.
Bitcoin’s dominance may further increase
Now, the king of cryptocurrencies is ruling the roost once again, and it doesn’t look like he plans to cede his position to altcoins anytime soon.
Bitcoin’s dominance is expected to continue rising as the largest cryptocurrency approaches new record highs, according to Singapore-based digital asset trading firm QCP.
related
As reported by U.Today, Bitcoin plummeted on Friday due to a report in the Wall Street Journal that a criminal investigation by the US government into stablecoin issuer Tether is underway. However, the cryptocurrency managed to reduce its losses in a relatively short period of time after CEO Paolo Ardoino downplayed the investigation as “old noise” on social media.
At the time of writing, Bitcoin is trading at $67,130, according to data from CoinGecko.
A flight to quality?
According to analyst James Van Straten, this cycle is different because there is much less capital turnover from Bitcoin to Ethereum. He described this phenomenon as a “flight to quality.”
related
As reported by U.Today, the largest altcoin recently hit a multi-year low against Bitcoin.
