Bitcoin

April

Bitcoin’s crypto market dominance has hit its highest point in two and a half years, weighing in at 54%. With the world’s leading cryptocurrency strengthening ahead of the impending <a href="https://news.todayq.com/upcoming-bitcoin-halving-will-harm-miners-profits/" rel="noopener noreferrer nofollow">Bitcoin halving</a> event, it could lift investor sentiment towards the crypto market. Bitcoin’s crypto market dominance rises ahead of halving 
With amarket capitalization of a whopping $678.63 billion, Bitcoin has further pushed back on Ether and other smaller altcoins. The overall crypto market capitalization stands at $1.3 trillion.&nbsp; Source: TradingView 
For perspective, Bitcoin halving is an event in which the mining reward is periodically cut in half. It occurs every four years. The total supply of Bitcoin is fixed at 21 million—of which over 19.5 million coins have already been mined and are in circulation.
The lesser the number of coins left to be mined (supply), the greater the demand, causing an uptick in the price of Bitcoin. The next Bitcoin halving is scheduled to happen in 2024, which will see the mining reward <a href="https://news.todayq.com/as-bitcoin-halving-approaches-iris-energy-increases-its-mining-capacity-by-25/" rel="noopener noreferrer nofollow">tumble </a>to 3.125 BTC from 6.25 BTC. Bitcoin investment sentiment turns bullish amid spot ETF buzz 
Bitcoin’s&nbsp;market dominance refers to its m-cap relative to the total crypto market capitalization — and it is an indicator of its strength. A market dominance of above 50% signals investors are bullish on Bitcoin. It also marks the asset’s highest level of market dominance since April 2021. Source: TradingView 
Bitcoin’s rise in crypto market dominance began at the beginning of this month, climbing from under 49% to 54% — the highest in the last two and half years.&nbsp; Will ‘Uptober’ be the dawn of the next bull run? 
October is often referred to as “Uptober” in crypto circles as the price of Bitcoin has historically risen in October. This is evident from <a href="https://news.todayq.com/report-80-of-bitcoin-holders-in-profits-as-price-surpasses-31000/" rel="noopener noreferrer nofollow">Bitcoin’s roaring rally</a> over the past week — with the asset breaching the $35,000 level, a 16-month-high — on prospects of <a href="https://news.todayq.com/sec-delays-multiple-bitcoin-etfs-including-blackrocks-amid-looming-us-government-shutdown/" rel="noopener noreferrer nofollow">exchange-traded funds </a>getting regulatory approval in the US.&nbsp;
Uptober has been great, but the party may not be over just yet. November is historically
While Bitcoin’s market dominance has reached 54%, it’s still well below the 80% mark that it commanded in 2017.&nbsp; Over the years, Bitcoin prices have plunged, with&nbsp;new tokens sprouting up. In September, <a href="https://news.todayq.com/bitcoin-spot-trading-volume-plunges-to-five-year-low-as-investors-wary-of-possible-recession/" rel="noopener noreferrer nofollow">Bitcoin spot exchange trading volumes</a> hit the lowest level in almost five years amid macroeconomic uncertainty.
© Todayq News

Bitcoin’s market dominance reaches 54% — highest level since April 2021

Todayq News

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