$BTC

Bitcoin is gaining more dominance in the crypto market as it prepares for the 2024 halving event, which will reduce the number of new coins created every 10 minutes. The halving is expected to boost Bitcoin's price by creating a supply-demand imbalance.

Bitcoin's market dominance, which shows how much Bitcoin is worth compared to all other cryptocurrencies, has reached 54%, the highest level since April 2021. This means that Bitcoin is becoming more valuable and influential in the crypto space.

Bitcoin's price has also increased significantly in October, rising from around $27,000 to over $35,000, a new yearly high. October is traditionally a good month for crypto investors, as it often sees positive price movements.

In contrast, Bitcoin's market dominance was much higher in 2017, when it was above 80%. This was because there were fewer cryptocurrencies and tokens available at that time. Ethereum was the second-largest crypto, with a market share of 10% to 17%. However, in 2021, many new projects and tokens emerged, which reduced Bitcoin's market share.