As Bitcoin (BTC) inches closer to $70,000, its dominance in the wider crypto market has risen to a cycle high of 58.9%. Bitcoin Dominance Rises, Are Altcoins In Trouble? Bitcoin dominance (BTC.D), a metric that measures the proportion of the total cryptocurrency market cap commanded by the leading digital asset, has hit a new cycle high of 58.9%. The last time the crypto market witnessed this level of BTC.D was in April 2021. After a slight pullback following Iran’s attack on Israel earlier this month, Bitcoin has risen by almost 10% in the past week, trading at $67,769 at the time of writing. Related Reading: Crypto Market’s “Shallow Sell-Off” Indicative Of Strong Bid For Risk Assets: Trading Firm Concurrently, the total crypto market cap has surged from $2.26 trillion on October 8, to $2.41 trillion on October 16, according to data from CoinGecko. However, the rise in the total crypto market cap is largely buoyed by the upward movement in BTC price. At the start of October, BTC.D hovered around 57.1%. Since then, it has risen by approximately 1.8%, showcasing Bitcoin’s strong perf ..
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