Bitcoin dominance nears 60%, indicating a market shift as exchange reserves drop and open interest hits record highs.

Bitcoin dominance has reached new cycle highs, reflecting shifts in the crypto market. Notably, market data confirms that BTC dominance, which had dropped significantly from above 58% in May 2021 to below 40%, has seen a substantial recovery over the past two years. By October 2024, Bitcoin dominance has climbed back above 58%. Notably, this increase comes at a time when various factors, such as rising open interest and reduced exchange reserves, are influencing Bitcoin’s performance.

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