On October 21, the dominance index of the first cryptocurrency reached 52.76%, the highest level since April 2021.
Bitcoin’s share has risen from about 38% at the beginning of the year to current levels. This is explained by the asset’s prolonged rally, which has grown by 81% since January.
At the time of writing, digital gold is trading at $30,716, up 2.58% in 24 hours. The market capitalization of the coin is $600.9 billion with a daily trading volume of $16.7 billion.
The Block Research analyst noted that the increase in dominance reflects how the cryptocurrency “has maintained a strong position in the current market conditions and has performed well for most of the week.”
Recall that in September, SkyBridge Capital founder Anthony Scaramucci predicted a bull decade for the first cryptocurrency. The investor suggested that the worst of the current bear market is behind us.
According to CryptoQuant analysts, the approval of a Bitcoin-based spot ETF will push the asset to $50,000-$73,000.