Bitcoin's massive price surge this year has put the premier cryptocurrency in a position it's not seen in almost two years.
The cryptocurrency's dominance, which refers to the market capitalization of bitcoin relative to the total market capitalization of all crypto assets, reached 45%. That's the highest level since May 2021.
The ratio has climbed from 38% at the beginning of January as the price of bitcoin itself has skyrocketed 82%, according to Binance data via TradingView.
The increase is unusual as dominance typically ticks higher when other crypto prices decrease. The countercyclical move comes amid regulatory uncertainty and banking stress in the U.S. and Europe. The collapse of several U.S. banks in March led to the de-pegging of Circle's USDC stablecoin.
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