Bitcoin dominance, a measure of Bitcoin's market capitalization relative to the total cryptocurrency market capitalization, reached a high of 52.7% last week, its highest level in three years since April 2021.
Starting on June 22, BTC accounted for only 48.2% of the market capitalization, and immediately after the launch of the ETH ETF on Tuesday, this value quickly rose to 51.9% and gradually continued to rise over the course of a week. In stark contrast, ETH has been weak in price action. In addition, various altcoins have also shown considerable weakness against BTC, further pushing BTC's dominance to its highest level in three years.
Bitcoin dominance, a measure of Bitcoin's market capitalization relative to the total cryptocurrency market capitalization, reached a high of 52.7% last week, its highest level in three years since April 2021.
Starting on June 22, BTC accounted for only 48.2% of the market capitalization, and immediately after the launch of the ETH ETF on Tuesday, this value quickly rose to 51.9% and gradually continued to rise over the course of a week. In stark contrast, ETH has been weak in price action. In addition, various altcoins have also shown considerable weakness against BTC, further pushing BTC's dominance to its highest level in three years.
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