On Wednesday, the cryptocurrency market saw an upward trend, with Bitcoin (BTC) leading the way. Its price increased by over 12% from the previous week, reaching a high of $68,000, a peak not seen since the end of July.
The BTC/USD 4-hour chart below shows the price exceeded the September high at $66,400.
Bitcoin’s Market Share Hits 58.91%
As of the beginning of October, Bitcoin’s influence on the total market value of all cryptocurrencies grew significantly. Its market share climbed from 57.13% to 58.91%, the highest since April 2021.
This data comes from TradingView’s TOTAL index, which now reports the overall crypto market cap at $2.281 trillion and $940 billion when Bitcoin is excluded.
During the 2020-21 bull market, Bitcoin’s dominance reached over 70% but fell to as low as 40% by mid-2021. This level of influence was maintained for more than a year until it dropped further following the collapse of the FTX crypto exchange in late 2022. Since then, Bitcoin’s dominance has gradually increased.
Over the past 23 months, Ethereum has only outperformed Bitcoin seven times. The most recent month when ETH gained more than Bitcoin was May 2024.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
