Bitcoin’s Dominance of Crypto Market Reaches Highest Level Since 2021
Key Takeaways
- The Bitcoin Dominance Index, which measures bitcoin’s share of the overall crypto market, reached 61.39%, a level not seen since March 2021.
- Ether, viewed by some as the main alternative to Bitcoin, has also lost nearly all of the gains it made against bitcoin since Election Day in the U.S.
- Bitcoin’s rising dominance in the market may be due to the focus institutions have on the crypto asset, Trump’s plan for a strategic bitcoin stockpile, and technical developments.
- Dogecoin is a notable outlier in bitcoin’s rise against the rest of the crypto market.
Bitcoin’s price has been on a tear since election night, hitting a new all-time high of over $93,000 on Wednesday before retreating back below $90,000.
While alternative…
