Bitcoin, the pioneer of cryptocurrencies, has reached its highest level in more than two years, with its dominance in the digital asset market reaching over 52%.
Bitcoin Dominance Rises Above 52%, Reaching Highest Point in Two Years
This significant increase in dominance represents a steady rise, starting the year at around 38% and reaching an impressive 52.45% on October 23rd. This increase is attributed to a one-year rise in the price of Bitcoin, which is up 81% since the beginning of the year.
“Bitcoin remains strong in current market conditions and has actually been performing well in recent days,” said crypto analyst Rebecca Stevens.
Stevens also explained that concerns about inflation, geopolitical uncertainties and a polarized U.S. government are encouraging investors to look for ways to minimize risk.
In this context, Bitcoin is seen as a potential hedge against global uncertainties and is thought to be approaching the expected approval of a spot ETF.
This rise in Bitcoin dominance is evidence that Bitcoin appears to be the safest haven in the cryptocurrency market in the current bear market.
Experts think that there will be no high inflows into altcoins without BTC experiencing a serious rally.
*This is not investment advice.
