According to The Block data, Bitcoin's market share has reached a high of 57% so far this year, reflecting its growing share of the total cryptocurrency market cap.
Analysts at The Block said that during the last cycle, Bitcoin's dominance fell to 39% at one point, echoing the DeFi craze and the subsequent rally of counterfeit products. The current 57% dominance, combined with Bitcoin's price strength, could signal that the market is at the beginning of this cycle, while BTC is entering the price discovery phase.
Bitcoin market dominance rises to 57%
2024-11-21 22:03:04
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