Glassnode data analyzed by CryptoSlate indicates that Bitcoin’s (BTC) market dominance exceeded 40% for the first time since July 2022.
The chart above represents the BTC market dominance since October 2020 with the orange line. The BTC dominance was as high as 70% at the beginning of 2021. However, this percentage retreated to just above 40% in January 2022, only declining further during the year’s first half.
Except for a short spike where BTC dominance reached 48% in late June, the dominance rate was lingering below 40%.