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Bitcoin dominance hits new cycle record of 58.8%, highest since 2021

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Bitcoin’s market dominance has surged to 58.8%, marking its highest level since 2021. This metric, which tracks Bitcoin’s share of the total crypto market capitalization, has steadily increased after hitting a low of around 38% in the aftermath of the 2022 bear market. The current level is comparable to Bitcoin’s dominance at the onset of the 2020-2021 bull market, potentially signaling a shift in market forces.

Bitcoin dominance | Source: TradingView

The rise in dominance suggests that Bitcoin has outperformed many altcoins in recent months, reflecting heightened investor confidence in the leading digital asset amid broader macroeconomic uncertainty. Historically, rising Bitcoin dominance has often coincided with periods of market consolidation or the early phases of bullish trends, as capital flows back into the most established asset in the market.

As Bitcoin approaches the 60% dominance threshold, the focus on its price trajectory intensifies. As of press time, it sits at around $67,800, an increase of around 15% since Oct. 11, down just 7% from its all-time high. Bitcoin dominance has risen 6.8% since its last price peak in March.

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Author: Liam ‘Akiba’ Wright

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