Bitcoin’s dominance hits highest level since April 2021 as Ethereum suffers

exchange68September 12, 2024

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Quick Take

Data analysis reveals a noteworthy trend in the crypto market as Bitcoin’s dominance has surged, hitting a fresh year-to-date high above the 54% mark. This is a level unseen since April 2021, highlighting Bitcoin’s increasing hold over the crypto market.

Concurrently, the Ethereum to Bitcoin ratio has sunk to a new low of 0.053, while Ethereum sits above $1,800. This inverse relationship demonstrates how Bitcoin’s growing dominance has potentially impacted Ethereum’s position in the market.

Bitcoin dominance: (Source: Trading View)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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