Crypto News – Just before the April 2024 halving event, the Bitcoin market dominance reached 54%, the highest level in the previous 30 months, suggesting that the leading cryptocurrency is getting stronger.
Bitcoin Market Dominance Rises to 54% Just Before BTC Halving
By half the mining reward per block, the supply of Bitcoin is reduced in response to rising demand, which boosts the asset’s price momentum. This event is known as “Bitcoin Halving.” Every four years, the Bitcoin mining incentive is halved. In 2024, the payout will drop from 6.25 BTC to 3.125 BTC due to this halving. The reduction of Bitcoin mining rewards results in a supply-demand imbalance that decreases the amount of new Bitcoin that enters the market, as the total quantity of Bitcoin is set at 21 million.
Bitcoin market dominance demonstrates the power of the asset and is a measure of its market capitalization in relation to the entire digital asset market. With over 50% of the market, this is the strongest it has been since the April bull run and is seen as extremely bullish.
Uptober Brings Good Luck to Bitcoin Again
At the beginning of October, Bitcoin’s market dominance started to recover, rising from less than 49% to this new two-and-a-half-year high. Because October has always been seen as a bullish month for cryptocurrencies, it has earned the moniker “Uptober.”
This has been demonstrated by Bitcoin’s double-digit percentage increase over the last few weeks, which has allowed BTC to reach a new yearly high of $35,000 after starting the month slightly under $27,000.
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