The dominance of Bitcoin in the cryptocurrency market has reached nearly 60% and has increased by almost 10% over the past month. This is the highest market share for Bitcoin since April 2021 when its dominance decreased significantly. In September 2022, Bitcoin's dominance dropped below 40% during a bear market. However, experts believe that Bitcoin's dominance will continue to climb as it approaches a new record high. Despite a recent plunge in Bitcoin's price due to a criminal investigation into stablecoin issuer Tether, the cryptocurrency was able to recover quickly. Analysts note that there is currently little capital rotation from Bitcoin to Ethereum, suggesting a "flight to quality" phenomenon.
- Content Editor ( u.today )
- 2024-10-27
Bitcoin Dominance Approaches 60%, Will Uptrend Persist?