Despite remaining largely stable in recent days, Bitcoin‘s market dominance has surpassed 50% for the first time in a very long time.
Bitcoin Dominance Hits 2-Year High
The market capitalization of Bitcoin has surpassed the sum of the market capitalizations of all other cryptocurrencies, according to TradingView data. The majority of the larger-cap alts have been experiencing small daily losses at the time of this.
Inflation Figures Released
With prices hovering around $26,000, bitcoin had a rather sluggish start to the week. On the other hand, all eyes were on the United States this week as the CPI statistics and the Fed’s upcoming FOMC meeting were scheduled to be released and held.
The Wednesday-released inflation statistics revealed a little decline. On the price movement of BTC, however, this had minimal effect. The Federal Reserve decided to halt its monetary policy of raising interest rates on Thursday, which was rather predictable.
Dominance Last Increased This Much 2 Years Ago
Bitcoin’s dominance last approached 50% in June 2022. At the time of this situation, the entire cryptocurrency market had plummeted as a result of rising US inflation, which forced the Federal Reserve to rapidly tighten monetary policy.
On the other hand, since November 27, 2022, Bitcoin’s market share has grown by more than 10.5%. This development is mostly attributable to investors looking for a safe haven after the FTX crisis and growing governmental scrutiny of crypto assets in the United States.
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