Bitcoin dominance, a metric that measures the cryptocurrency's market share, is now approaching 60%.
It's now up about 10% in the past month alone with no altcoin season in sight.
The leading cryptocurrency now boasts its largest market share since April 2021. At that time, Bitcoin's market share collapsed by as much as 16.64% in the space of a month.
In September 2022, Bitcoin's dominance briefly collapsed below the 40% mark amid a brutal bear market to hit a local low of 38.84%.
Bitcoin dominance is likely to rise
Now, the crypto king rules the roost once again, and it doesn't look like he'll be ceding ground to altcoins anytime soon.
According to Singapore-based digital asset trading firm QCP, Bitcoin’s dominance is expected to continue rising now that the largest cryptocurrency is approaching a new record high.
As U.Today reported, Bitcoin fell on Friday on a Wall Street Journal report about an ongoing criminal investigation into stablecoin issuer Tether by the U.S. government. However, the cryptocurrency managed to pare its losses in a relatively short period of time after CEO Paolo Ardoino took to social media to downplay the investigation as “old noise.”
At the time of publication, Bitcoin is trading at $67,130, according to CoinGecko data.
Escape to quality?
According to analyst James Van Straten, this cycle is different because there is very little capital turnover in Ethereum compared to Bitcoin. He described the phenomenon as a “flight to quality.”
As U.Today reported, the largest altcoin recently hit a multi-year low against Bitcoin.