Bitcoin

April

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 BTC market dominance hovered around 80% during the 2017 bull market, but slumped to the 50-60% range during the 2021 bull market, at times even dipping below 50%.
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 Bitcoin's (BTC) market <a rel="noopener noreferrer nofollow" title="dominance" href="https://thebittimes.com/tag/dominance.html">dominance</a> has reached 54%, its <a rel="noopener noreferrer nofollow" title="highest" href="https://thebittimes.com/tag/highest.html">highest</a> in the last 30 months, indicating the top cryptocurrency’s growing strength just before the <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> event scheduled for April 2024.
 Bitcoin <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> is an event in which the mining reward per block is halved, thus cutting the supply of the asset amid growing demand, leading to bullish price momentum. Bitcoin <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> occurs every four <a rel="noopener noreferrer nofollow" title="years" href="https://thebittimes.com/tag/years.html">years</a> and the next <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> in 2024 will reduce the BTC mining reward from the current 6.25 BTC to 3.125 BTC. As the total supply of Bitcoin is fixed at 21 million, the <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> of BTC mining reward creates a supply-demand gap that lowers the influx of new BTC in the market.
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 Bitcoin market dominance is a measure of the crypto asset's market capitalization relative to the overall digital asset market and highlights the asset’s strength. The market dominance of over 50% is considered highly bullish and marks its highest point since the last bull run in April.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/26/facc1422241fb7c9372b4ce092b61fef.webp">
 <figcaption style="text-align: center;">Bitcoin market dominance chart. Source: TradingView
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 Bitcoin's market dominance began reviving at the start of October when it rose from below 49% to reach this new 2.5-year high. October has been historically considered a bullish crypto month, leading to the nickname “Uptober.” This was evident from Bitcoin’s double-digit percentage surge over the past few weeks, helping BTC rise from just below $27,000 at the start of October to post a new yearly high of $35,000.
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 Uptober has been great, but the party may not be over just yet. November is historically #Bitcoin's best performing month. pic.twitter.com/kaMMt7pgZz— Miles Deutscher (@milesdeutscher) October 25, 2023
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 In 2017, Bitcoin maintained a market dominance of over 80% followed by Ether (ETH) with nearly 10-17 % in market dominance. Over the years Bitcoin has seen a steep decline in its market dominance owing to the rise in the number of cryptocurrencies and the growth of several new tokens during the last bull run in 2021.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-dominance-hits-54-highest-in-2-5-years-as-btc-halving-approaches-tbt67827.html">https://thebittimes.com/bitcoin-dominance-hits-54-highest-in-2-5-years-as-btc-halving-approaches-tbt67827.html</a>

Bitcoin dominance hits 54% — highest in 2.5 years as BTC halving approaches

TheBitTimes

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