U.Today: The dominant market cap has reached 54.5, according to data provided by TradingView. This marks the highest value in this metric for Bitcoin since July 2021.
A coin's dominance is the ratio of its market cap to the cumulative market cap of cryptocurrencies. It is calculated by dividing the coin's market cap by the overall market cap of the top 125 coins and multiplying by 100.
The fact that Bitcoin has hit a three-year high in dominance could signal a possible altcoin rally.
Glassnode co-founders support this risk-based view of the market. This indicates that investors are betting on riskier assets that are likely to generate higher returns.
Analysts noted that technology stocks fell 2% on Thursday. By comparison, the iShares ETF (IWM), an index composed of small-cap stocks, rose more than 3%.
This indicates that investors are betting on riskier assets that are likely to generate higher returns.
This article was originally published on U.Today
