The dominance index of BTC reached 49.85% on October 21, its highest level since April 2021. This increase can be attributed to Bitcoin’s sustained rally, which has seen an 81% growth since January.
At the beginning of the year, Bitcoin’s dominance was only around 38%.
As of writing, the digital gold is trading at $30,716, recording a 2.58% increase in the last 24 hours.
Its market capitalization is currently at $600.9 billion, with a daily trading volume of $16.7 billion.
An analyst from The Block Research noted that the rise in dominance reflects Bitcoin’s strength in the current market conditions, performing well throughout the week.
The growing concerns of inflation, geopolitical risks, and political divisions in the US have led to investors seeking safer assets, and Bitcoin has proven to be a reliable choice.
Additionally, the potential approval of a spot ETF serves as an ideological hedge against global uncertainties.
In September, SkyBridge Capital CEO Anthony Scaramucci predicted a bullish decade for Bitcoin, stating that the worst of the current bear market is likely behind us.
