According to statistics from TradingView, Bitcoin supremacy is once more at a level that is about 50% higher than it was during the extended bear market between 2018 and 2022.
The term “Bitcoin dominance” describes the market capitalization of Bitcoin as a share of all cryptocurrencies.
Investor preference for Bitcoin over other cryptocurrencies is shown by a high dominance index. The dominance of Bitcoin has significantly increased during the previous week by 4.1%, hitting its highest level since April 2021.
In the past, bear markets have seen an upsurge in Bitcoin’s popularity. The main driver of this tendency is the greater stability that Bitcoin provides compared to other cryptocurrencies, a quality that is especially desirable during market downturns.
Following the SEC’s litigation against cryptocurrency titans Binance and Coinbase, key altcoins underperformed, which may be largely blamed for the current change in Bitcoin’s supremacy.
Following these incidents, Bitcoin has been able to maintain its relative stability while altcoins have experienced a sharp decline.
Despite a 3.6% loss over the past seven days, big altcoins like Ethereum and BNB, which saw declines of 7.0% and 25.5%, respectively, have done significantly worse than Bitcoin, according to CoinGecko statistics.
Dogecoin (DOGE), Cardano (ADA), and Binance’s BNB have all experienced significant declines recently.
The original cryptocurrency and its dominant position on the market are once again in the limelight during the market turmoil.
