Bitcoin, the largest cryptocurrency by market cap, has seen its market dominance grow. According to the latest cryptocurrency news, BTC’s market dominance now stands at 50.3%, a three-month high.
This increase in market dominance is likely due to the underperformance of Ether and other major altcoins in recent days. Despite the Ethereum Merge upgrade, Ether has seen its market dominance decline from 19% to around 17%.
The broader crypto market is currently bearish due to geopolitical uncertainty in the Middle East. Altcoins are facing heavy selling pressure, but Bitcoin’s support has held above $27k. If Bitcoin breaks through the $28k resistance, it could rally to the $30k mark in the near future.
BNB and XRP have both maintained their market dominance at 3% and 25%, respectively, over the last six months. Investors should keep an eye on Bitcoin’s performance in the near future, as it could have a major effect on altcoins.
