According to The Block Research dashboard, Bitcoin's share of the cryptocurrency market has reached 49%, which was the highest level in the last two years.
The dominance of Bitcoin shows that the first cryptocurrency by capitalization lives up to investment expectations, as it maintains a strong position in the current market conditions and demonstrates positive dynamics over a long time, experts from The Block Research state:
“Bitcoin's dominance is constantly growing. From 38% at the beginning of the year to almost 49% by October 21. This was the highest figure observed since April 2021. The surge in dominance can be attributed to the BTC rally that continued throughout the year, with the price of the cryptocurrency up almost 80% since the start of the year.”
According to Block Research experts, crypto investors are seeking to minimize growing inflation and foreign policy risks. At the same time, the high probability of approval of a spot Bitcoin ETF helps BTC to gain an even larger market share. Investment expectations act as a manifestation of a form of ideological protection against uncertainty in the world.
On Monday afternoon, October 23, BTC is trading at $30,485. Over the past 24 hours, the asset has grown by 2%. On the weekly timeframe, the growth of BTC was about 10%.
