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Bitcoin Market Dominance Reaches Its Highest Level in 8 Weeks

Bitcoin, the world’s most valuable crypto asset, is currently enjoying a massive bullish rally. BTC touched the high of $56,700 on Monday for the first time since May 2021. Due to the latest jump in the price of the world’s largest cryptocurrency, BTC’s market dominance has reached its highest level since 12 August 2021.

According to the latest data posted by Coinmarketcap, Bitcoin now has a market cap of $1.06 trillion. BTC’s crypto market dominance stands at around 46%. One of the major reasons behind the recent sharp rise in Bitcoin’s market dominance is its 20% rally in the last seven days. Bitcoin outperformed other digital assets significantly in the last week.

Ethereum (ETH), Cardano (ADA), Polkadot (DOT), XRP and Solana (SOL) saw smaller gains compared to Bitcoin during the last seven days. ETH is up by nearly 5% in the last week while ADA increased marginally during the mentioned period.

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Overall, the crypto market cap jumped by nearly 1% in the last 24 hours. Cryptocurrency assets now have a market cap of more than $2.33 trillion, approximately $200 billion away from its all-time high of $2.5 trillion.

Large Bitcoin Accounts

The overall activity across the Bitcoin network has jumped in the last seven days. Large BTC addresses have increased their crypto holdings significantly since the start of October. “Bitcoin ended the weekend scraping above $56.3K, and crypto continues to be a whales’ market. Addresses with 100-1,000 BTC accumulated 85.7k BTC beginning at the late September bottom. These whales hold 21.3% of supply now, their largest of all time,” crypto analytics platform Santiment mentioned on Twitter.

Last week, Finance Magnates reported about a surge in profitable Bitcoin addresses. The total number of BTC entities in profit crossed 94.3% last week. Furthermore, the world’s largest cryptocurrency received support from institutional investors in the last few days. BTC-related investment products attracted nearly $70 million worth of institutional inflows during the first week of October.

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