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Bitcoin's Market Dominance Hits 58.47%, Highest Level Since April 2021

Sep 18, 2024, 12:37 PM

Bitcoin's market dominance has surged to its highest level since April 2021, reaching 58.47% of the total crypto market. This pivotal shift is set to influence market trends and could reshape the broader crypto ecosystem, particularly the altseason. The increase in dominance is driven by factors such as positive cumulative volume delta (CVD) on US exchanges during sell-offs and the launch of spot ETFs. A recent KaikoData report highlights that Bitcoin’s dominance over the top fifty altcoins by market cap is now at its highest since prices last approached all-time highs in March. Additionally, Bitcoin's market dominance hit 57.86% and a 5-month high of 54.2%.