CDS Crypto News Bitcoin Dominance Hits 2-Year High
Crypto News

Bitcoin Dominance Hits 2-Year High

Bitcoin dominance passed 50% after 2 years.

734
Bitcoin Dominance Hits 2-Year High

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.

Sources:coincu
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

1 Comment

Leave a Reply

Related Articles

Crypto Landscape: Job Cuts Amid Financial Gains

Crypto firms face layoffs despite Bitcoin nearing all-time highs, with regulatory concerns...

BRICS Pay: Revolutionizing Cross-Border Transactions

BRICS Pay is a payment initiative by BRICS nations aimed at enhancing...

NFT Market Sees 18% Volume Increase in October: A Sign of Recovery

In October 2024, the NFT market experienced a significant recovery, recording an...

This Week in Crypto: Major Price Swings, Strategic Moves, and Regulatory Changes

This Week in Crypto: Major Price Swings, Strategic Moves, and Regulatory Changes