Bitcoin Dominance Highest Level Since April 2021 for Nearly Half the Crypto Market

Bitcoin Dominance Highest Level Since April 2021 for Nearly Half the Crypto Market

Bitcoin's (BTC) dominance rate or share in the total crypto market capitalization rose to nearly 50%, marking the highest level since April 2021, according to data tracked by charting platform TradingView.

The rise in dominance came as altcoins like SOL, MATIC, DOGE, and ADA suffered double-digit losses yesterday after SEC categorized them as unregistered securities.

Meanwhile, bitcoin lost just 3%. The relative outperformance stemmed from the fact that bitcoin is the only cryptocurrency deemed not a security by the US SEC, as well as an increased haven demand – investors move money out of altcoins and into bitcoin.

 

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