Bitcoin Dominance Hits 3-Year High as BTC Rally Continues

IconCryptoNewsTerminal Staff30 Jul, 2024

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Bitcoin Dominance Hits 3-Year High as BTC Rally Continues

Bitcoin's dominance in the cryptocurrency market has hit its highest level in three years, according to data from The Block. Bitcoin dominance, which measures the percentage of Bitcoin's market capitalization relative to the total cryptocurrency market cap, has reached 53.68%, its highest level since April 2021. The increase in Bitcoin dominance comes as the price of BTC has rallied in recent weeks. Bitcoin is currently trading at around $23,000, up from around $20,000 at the start of the year. The launch of the Ethereum ETF last week is thought to have contributed to Bitcoin's dominance. The ETF, which allows investors to track the price of Ethereum without having to buy the underlying asset, has been seen as a sign of growing institutional interest in cryptocurrencies. The increase in Bitcoin dominance is a sign that investors are once again seeing BTC as a safe haven asset. Bitcoin has historically performed well in periods of economic uncertainty, and the current global economic climate is providing a tailwind for the cryptocurrency. It remains to be seen whether Bitcoin dominance will continue to rise in the coming months. However, the current trend is a positive sign for BTC investors.

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