The Bitcoin market dominance has made significant strides with the start of October rising from below 49% to reach a new 2.5-year high.
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%.) market dominance has reached 54%, its highest in the last 30 months, indicating the top cryptocurrency is strengthening just before the halving event scheduled for April 2024.
The Bitcoin halving is an event in which the mining reward per block is halved, thus cutting the supply of the asset amid growing demand and leading to bullish price momentum. The Bitcoin halving occurs every four years, and the next halving 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 halving of BTC mining rewards creates a supply-demand gap that lowers the influx of new BTC into the market.
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.Bitcoin’s market dominance began reviving at the start of October, when it rose from below 49% to reach this new two-and-a-half-year high.
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