Bitcoin's dominance in the cryptocurrency market has increased to over 49%, marking its highest point in more than two years, according to The Block's data dashboard.
As noted by The Block Research's Rebecca Stevens, the increase in dominance reflects the crypto "is holding strong in current market conditions and has actually been performing well for much of this week."
"Inflation woes, geopolitical risk, and an increasingly partisan U.S. government have been weighing on investors who are looking to minimize risk," Stevens added. "Meanwhile, bitcoin seems closer than ever to getting a spot ETF approval and in a certain sense serves as an ideological hedge to the uncertainty on the world stage, helping it reclaim more dominance in the crypto space."
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