Bitcoin’s market dominance shows stable upward trend in 2024 despite market volatility 
Onchain Highlights
DEFINITION:BTC Dominance, or Bitcoin Dominance, denotes Bitcoin’s market capitalization as a percentage of the total market cap of all cryptocurrencies. It’s calculated by dividing Bitcoin’s market cap by the total cryptocurrency market cap.
Bitcoin’s dominance has shown notable fluctuations throughout 2024. As observed from the chart below, BTC dominance ranged between 49% and 57% throughout the year and set new peaks.
Despite these fluctuations, Bitcoin’s market dominance has maintained a relatively stable upward trend since early 2023, a reversal from the decline seen during 2021 and 2022 — when dominance dropped from over 70% to below 40%.
This recent trend highlights Bitcoin’s sustained relevance and growing influence in the crypto market post-halving, even as the broader market remains volatile. The interplay between Bitcoin’s price and its dominance suggests a consolidation phase where Bitcoin continues to solidify its status as the leading digital asset, likely influenced by increasing institutional interest and the maturation of its ecosystem.
As the market advances, Bitcoin’s dominance will likely continue to serve as a key indicator of broader market trends.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
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