Bitcoin market dominance highest since April 2021

With an astounding $590bln market cap, the token presently has further pushed back on Ethereum and smaller altcoins

Bitcoin’s share of the total cryptocurrency market cap has reached 58 per cent, its highest point since April 2021, as per a new report from Coin Metrics.

With an astounding $590bln market cap, the token presently has further pushed back on Ethereum and smaller altcoins. The total market cap for the sector stands at $1.2trln, as per Coingecko.

This comes amid news of increased regulatory investigation by U.S. regulators–who recently contended a handful of cryptocurrencies were unregulated securities, causing them to shed billions off their market cap.

Bitcoin has been driving a bullish rally over the last week, after BlackRock filed for a spot Bitcoin exchange-traded fund. The Wall Street giant triggered Bitcoin’s advance in crypto market dominance and triggered investors to purchase the asset—in spite of many previously refused exchange-traded fund applications.

The price surge has also brimmed over into other assets, like Grayscales Bitcoin Trust (GBTC). The “GBTC discount,” which refers to the difference between the price of the shares and the NAV of the Bitcoin it holds, continues to decline, reaching a monthly low of -30 per cent, as per YCharts.

Coin Metrics, an open-source data analytics platform for public blockchains, reported Bitcoin’s dominance continuously declined during the crypto spring of 2021, diving to its lowest point in January 2022. At the time it accounted for 37 per cent of the global crypto market cap.

The report also demonstrated that Bitcoin’s presence in the so-called CBMI 10–Coin Metric’s index for the top 10 cryptocurrencies–has hit its highest level in 2 years, coming in at 65 per cent. The metric, nevertheless, does not consider stablecoins like Tether (USDT) or USDC.

Bitcoin is up YTD 85 per cent, presently trading at $30,395 according to data from Coingecko. The asset has surpassed most of cryptocurrencies this year, with significant exceptions from Bitcoin Cash (BCH) and Lido Finance (LDO).