Bitcoin’s dominance in the cryptocurrency market has jumped to a two-year high. The digital token currently holds a total market capitalization of over $230 billion, representing a significant 49.7 percent of the entire crypto market capitalization. This is the highest share of the total market cap that Bitcoin has seen since December 2017.
The surge in Bitcoin’s market share could be attributed to multiple factors, both positive and negative. On the positive side, the increased institutional interest in the digital coin may be driving up demand. On the negative side, the prolonged bear market continues to take its toll on other tokens, reducing their market share and boosting that of Bitcoin.
Overall, the growing users base of the Bitcoin platform continues to act as a key factor in determining the recent dominance of the token. As more investors seek out exposure to the digital asset, its market share is likely to continue to rise.
