CandleFocus Bitcoin Tops $68K, With Dominance Over Crypto Market Hitting New Cycle High
2024-10-16
Author: Content Editor
The dominance of Bitcoin in the cryptocurrency market has reached a new cycle high of 58.91%, the highest level since April 2021. This is primarily due to the underperformance of Ethereum compared to Bitcoin, with the current ETH/BTC ratio at its weakest level since April 2021. Bitcoin has been leading the overall market higher, with a week-over-week gain of over 12% and reaching a price above $68,000 for the first time since late July. Bitcoin dominance had previously reached above 70% during the bull market of 2020-21 but had declined to as low as 40% in mid-2021. Ether has only outperformed Bitcoin in seven of the past 23 months, with its most recent relative outperformance in May 2024.
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