Bitcoin dominance hits 30-month high

The BTC dominance rate, which measures Bitcoin's market value relative to the entire digital asset market, has soared to 54.4%, the highest level since April 2021. A ratio of over 50% means that Bitcoin's market value exceeds the sum of all other cryptocurrencies. The index has fluctuated between 39% and 49% over the past two years until it broke through this range in mid-June. This breakthrough coincided with the news that BlackRock had applied for a spot BTC ETF in the US, causing the Bitcoin price to rise above $30,000. Market data shows that BTC prices have risen 32% in the past month.