Bitcoin Dominance Now Reaches 50%, Highest In 2 Years

Key Points:

• Bitcoin dominance has surpassed that of all other cryptocurrencies combined.
• Bitcoin’s market capitalization was last close to 50% in June 2022.
• This comes as the majority of the larger-cap alts have been seeing slight daily losses.

While maintaining largely stable in recent days, Bitcoin dominance has risen to more than 50% for the first time in more than two years.

According to TradingView data, Bitcoin’s market capitalization has surpassed that of all other cryptocurrencies combined. This comes as the majority of the larger-cap alts have been seeing slight daily losses.

Bitcoin began last week in a fairly lethargic fashion, trading at around $26,000. All eyes were on the United States as the CPI data and the Fed’s next FOMC meeting, both of which were due to be revealed and held this week.

The inflation numbers, which were released on Wednesday, showed a small decrease. Yet, this had little impact on BTC’s price movement. On Thursday, the Federal Reserve, rather predictably, chose to stop its monetary strategy of rising interest rates.

Bitcoin’s dominance last approached 50% in June 2022, when the whole crypto market crashed due to consistently rising inflation in the United States, prompting the Federal Reserve to tighten monetary policy aggressively.

Interestingly, Bitcoin’s market domination has increased by more than 10.5% since November 27, 2022, owing mostly to investors seeking a safe haven in the aftermath of the FTX crisis and rising governmental scrutiny of crypto assets in the United States.

As Bitcoin fell substantially at the moment, currencies like Ethereum (ETH) fell even more precipitously, with the ETH/BTC pair plunging to a ratio of only 0.05.

BTC’s market valuation is a little more than $520 billion, but its dominance over altcoins is over 50%, the greatest level in over two years.

At the time of writing, BTC is trading at nearly $27,000.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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