Bitcoin Dominance Surges to 57.9%, Highest Since April 2021
CryptoNewsTerminal Staff04 Aug, 2024
Bitcoin Dominance Surges to 57.9%, Highest Since April 2021
Amidst the crypto market downturn, Bitcoin (BTC) dominance has hit a fresh 2023 high. As of 11 AM UTC on May 11, BTC dominance reached 57.96% on TradingView, the highest it has been since April 2021. This increase in BTC dominance indicates a shift in investor sentiment towards larger, more established cryptocurrencies during times of market uncertainty. Tony Sycamore, an analyst at IG Australia, attributed the recent market rout to geopolitical tensions and recession fears, creating a "risk-off" sentiment among investors. A large Ether (ETH) deposit from crypto market maker Jump Trading has also contributed to the price falls. As investors seek safer havens, they tend to move towards Bitcoin, which is perceived as a more reliable store of value. The rise in BTC dominance highlights the continuing influence of Bitcoin in the crypto market. Despite the emergence of numerous altcoins, Bitcoin remains the dominant force, attracting investors seeking stability and long-term growth potential.
