The dominance of Bitcoin in the cryptocurrency market has reached its highest level in three years, putting pressure on the prices of alternative coins. Bitcoin’s share of the total market cap has recently risen to 56.3%.
Over the weekend, Bitcoin’s price experienced a downturn, with a liquidation cascade causing the BTC/USD pair to fall below $65,300. Meanwhile, data revealed that altcoins faced even more challenging conditions, with many of the top twenty cryptocurrencies by market cap seeing a decline of over 15%.
As a result, Bitcoin gained a larger share of the overall market, making it the most dominant it has been since April 2021.
Popular trader and social media user Bagsy commented on the impressive chart of Bitcoin dominance, highlighting the influx of new altcoins entering the market daily.
Another trader, Daan Crypto Trades, also pointed out the difference in drawdown between Bitcoin and altcoins, noting that Bitcoin’s hit was minimal compared to the overall downside.
