Bitcoin dominance reaches two-year high

On October 21, the Bitcoin dominance index reached 52.76% — the highest reading since April 2021.

Bitcoin’s share has risen from around 38% at the start of the year to the current level. This is explained by the asset’s ongoing rally, which has surged 81% since January.

At the time of writing, digital gold is trading at $30,716, up 2.58% over 24 hours. The coin’s market capitalization stands at $600.9 billion with a 24-hour trading volume of $16.7 billion.

The Block Research analyst noted, that the rise in dominance reflects how the cryptocurrency “has held strong positions in the current market conditions and performed well for most of the week.”

“Inflation problems, geopolitical risks and an increasingly partisan US government weigh on investors seeking to minimise risk. Meanwhile, Bitcoin appears close to approval of a spot ETF, which, in a sense, serves as ideological protection against uncertainty on the world stage,” the expert added.

Earlier in September, SkyBridge Capital founder Anthony Scaramucci forecast bullish decade for the first cryptocurrency. The investor suggested that the worst events of the current bear market are already behind us.

According to CryptoQuant analysts, approval of a spot Bitcoin ETF could lift the asset to $50,000–$73,000.