Bitcoin Dominance Hits 54%, Highest in 2.5 Years as BTC Halving Approaches and NFT Web 3.0
Bitcoin dominance hits 54% — Highest in 2.5 years as BTC halving approaches

Bitcoin’s Market Dominance Reaches All-Time High

The market dominance of Bitcoin (BTC) has reached 54%, its highest in the last 30 months. This is an indication that the top cryptocurrency is strengthening just before the halving event scheduled for April 2024. The Bitcoin halving is an event that reduces the mining reward per block by half, thus reducing the supply of BTC amid increasing demand and leading to a bullish price momentum.

The Bitcoin halving occurs every four years, and the next halving in 2024 will reduce the BTC mining reward from 6.25 BTC to 3.125 BTC. As the total supply of Bitcoin is fixed at 21 million, the halving of BTC mining rewards creates a supply-demand gap that lowers the influx of new BTC into the market.

The market dominance of Bitcoin began to revive at the start of October, when it rose from below 49% to reach this new two-and-a-half-year high. October has been historically considered a bullish crypto month, leading to the nickname “Uptober.” This was evident from Bitcoin’s double-digit percentage surge over the past few weeks, helping BTC rise from just below $27,000 at the start of October to post a new yearly high of $35,000.

The rise in Bitcoin’s market dominance is an indication of the strength of the top cryptocurrency and the web 3.0 token NFTs, as well as the top web 3.0 projects, companies, and stocks. It is also a testament to the history of web 1.0, 2.0, and 3.0, and how to buy web 3.0 tokens.

In 2017, Bitcoin held a market dominance of more than 80%, with Ether (ETH) following close behind at 10%–17%. Since then, however, Bitcoin’s market share has decreased significantly due to the increasing number of cryptocurrencies and the surge of new tokens during the 2021 bull run.

Consider collecting this article as an NFT to preserve this moment in history and demonstrate your support for independent journalism in the crypto space. NFTs are a part of the Web 3.0 metaverse, and there are plenty of top projects, companies, and tokens worth exploring.

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