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Bitcoin Regains Momentum as Dominance Rate Hits More Than Two-Year High

© Reuters.
© Reuters. — Bitcoin rallied Tuesday as the popular crypto’s share of the total crypto market hit a more than two-year high, pointing to increased underlying demand.

rose 6.74% to $10,642 to remain a touch below session highs of $10,757.

Following a third weekly loss, bitcoin continued its bright start to the week and appears to have momentum in its favor.

Bitcoin’s dominance rate – the weight of bitcoin’s market cap relative to the total market cap for all crypto assets – rose to a peak of 70.5%, hitting its highest level since March 2017.

Bitcoin’s market cap rose to a peak of $192 billion compared with the total crypto marketcap of $272.5 billion.

At 70.5%, bitcoin’s dominabnce rate is at levels not seen since its previous bull run that saw the popular crypto soar to $20,000.

The rise in bitcoin’s dominance of other cryptos comes as some suggest that traders are abandoning alternative cryptocurrencies in favor of bitcoin.

Underscoring the heightened demand for bitcoin, others cryptos lagged bitcoin’s move higher, with rising 1.48% to $0.26191, up 1.26% to $179.32 and rising 3.63% to $68.71.

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