Bitcoin’s market dominance nears a two-year high

The dominance index of the leading cryptocurrency reached 51.1%, approaching the levels seen in April 2021. Data from TradingView.

BTC.D reached comparable levels in June this year, but quickly corrected.

According to CoinGecko, at the time of writing digital gold is trading at $27,100 — up 66% for 2023. The coin’s total market capitalization stands at $528.8 billion.

The nearest competitor by market capitalization—Ethereum—over the same period rose by only 32%. The asset trades at $1,554.

Bitcoin has traded in a flat range over the past week, displaying extremely low volatility. Most altcoins remain in the red.

André Dragosh, head of research at Deutsche Digital Assets, told The Block that Ethereum’s lag is due to the ‘tepid reception’ of recently launched ETF based on the second-largest cryptocurrency.

“Collectively, Ethereum ETPs attracted only a modest net inflow of $900,000 last week, despite the debut of new ETFs. For comparison, inflows into Bitcoin ETPs amounted to $85.4 million,” Dragosh added.

Earlier, CryptoQuant analyst under the nickname Maartunn stated, that the Bitcoin price is expected to rise meaningfully if it holds above $27,900. The level aligns with the MVRV indicator for short-term market participants.

In September, SkyBridge Capital founder Anthony Scaramucci forecast a bullish decade for the first cryptocurrency. The investor suggested that the worst events of the current bear market were behind us.