Bitcoin Dominance Reaches Highest Level in 3.5 Years

As the price of Bitcoin continued to rise while the altcoin market remained stagnant, Bitcoin’s dominance increased to its highest level since April 2021.

This occurred around the same time that Bitcoin’s price reached a 10-week high of $67,800 on October 15.

While Bitcoin briefly dropped to $64,880, it recovered and is currently trading above $67,000 with a market capitalization of $1.32 trillion.

This increase in Bitcoin’s dominance typically indicates that altcoins will struggle. Indeed, while Bitcoin gained 2.5%, most altcoins remained flat or even dropped.

However, some traders believe that this dominance will not last and that Bitcoin’s reign will soon be over, which may allow altcoins to rise in the market.