Bitcoin Market Dominance Hits Three-Year High, Surges to 58.47% and 54.2% 5-Month High

Sep 18, 2024, 02:46 PM

Bitcoin's market dominance has surged to its highest level in three years, reaching a market cap of 58.47% of the total cryptocurrency market. This increase is attributed to positive cumulative volume delta (CVD) on US exchanges during sell-offs and the launch of spot ETFs. Additionally, Bitcoin's dominance over the top fifty altcoins by market cap has reached its highest level since prices last approached all-time highs in March. Bitcoin dominance also hit a 5-month high of 54.2%. The total value locked in Bitcoin Layer 2 and sidechain networks has surged to $1.31 billion, with Core and Bitlayer Labs holding 56% of this value. Over $500M in total value has been bridged to Bitlayer Labs.