Bitcoin Dominance Surges to Multi-Year High and Its Effect on Altcoins

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Bitcoin’s market dominance has just tapped a new high as the asset continues to strengthen at the expense of the altcoins.

On Sept. 16, Bitcoin dominance hit 58%, according to Tradingview. This is the highest it has been since April 2021, following almost two years of steadily increasing.

BTC dominance was below 40% in November 2022 following the collapse of FTX, which sent the asset tumbling to a low of $16,000 in the brutal bear market that followed.

It has trended upwards since then, leaving the altcoins, especially Ethereum, which has seen its market share dwindle, crushed.

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