Hassan Maishera
TL;DR
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Bitcoin’s market dominance now stands at 54%, after dropping below 50% in May.
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BTC continues to underperform and is currently trading just above $65k per coin.
Bitcoin Stays Above $65k as Market Dominance Increases
Bitcoin, the leading cryptocurrency by market cap, has been stagnant over the last couple of days. BTC is still trading above $65k despite losing more than 3% of its value over the last seven days.
At press time, Bitcoin’s price stands at $65,174, down by 0.37% so far today. Despite BTC’s stagnant position in the last two days, its market dominance has increased
Bitcoin’s market dominance, the market share of bitcoin’s market capitalization relative to the total market capitalization across crypto tokens, increased to 54.2% over the last few days.
This is a remarkable improvement considering Bitcoin’s market dominance level stood below 50% in May. The market dominance stayed within the range of 44% and 54%, boosted since last summer as investors became excited regarding spot ETF approvals.
Bitcoin reached a market dominance level of 52% in April, its highest since April 2021. However, the dominance level began to decline as meme coins attracted the attention of investors while Ether also rallied higher thanks to the spot Ethereum ETF approvals a few weeks ago.
With the meme coin narrative and Ether’s spot ETF news taking a backstage at the moment, bitcoin’s dominance shot up again this weekend, reaching a new high not seen since April 2021, and currently stands at 54.2%.
