After a period of decreases in August and September, the dominance indicator of BTC has returned to 50%.
However, the overall capitalization of the crypto market and the altcoin sector is currently facing declines.
At present, Bitcoin holds $521 billion in market capitalization and is trading at $26,814, with a 3.79% increase in the past week.
Despite regaining dominance, Bitcoin is still down by 17% from its peak in June; however, it continues to maintain its dominance on the market, reaching new records in 2021.
In response to the 50% Bitcoin dominance, ITC Crypto CEO Benjamin Cowen stated:
“You know what would be better than 50% Bitcoin dominance? 60% Bitcoin dominance.”
Analyst Root also observes that the volume held by long-term holders of Bitcoin has reached 75.8%, almost reaching a historical high.
According to CoinGecko, the total crypto market capitalization is currently at $1.09 trillion, with a 4.7% increase in the past week.
