Bitcoin Dominance Reaches Multi-Year Highs 🚀

On September 16, Bitcoin dominance hit 58%, according to TradingView, marking its highest level since April 2021, after nearly two years of consistent growth.

$BTC dominance was below 40% in November 2022 following the collapse of FTX, which caused the asset to plummet to $16,000 amid a brutal bear market.

Since then, it has been on the rise, leaving altcoins—especially Ethereum, whose market share has significantly decreased—at a disadvantage.

Ethereum's dominance has dropped by 30% over the past year, falling below 14% for the first time in three and a half years this week, according to TradingView. This shift has also contributed to the growing market share of BTC.

Crypto Market Outlook
The crypto markets have seen a new 1.4% drop on the day, with total market capitalization sinking to $2.11 trillion.

Bitcoin has recovered to the $58,000 level during the Asian session on Tuesday morning, after briefly dipping below that figure in Monday's trading.

Ethereum continues to struggle and has failed to break past $2,300, trading at $2,289 at the time of writing.

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