Bitcoin Dominance Hits Three-Year High of 65% as Altcoin Season Remains Uncertain

Bitcoin and many other cryptocurrencies have been on significant price increases in the past few weeks. Bitcoin, in particular, has been inching close to its all-time high

Bitcoin price increases continue to be a hot topic in the crypto community. With the recent price surge, Bitcoin is now less than 8% away from setting a new all-time high.

Inflows into Bitcoin have seen the cryptocurrency increase its dominance over altcoins. According to data, Bitcoin’s market dominance is now 65% of the total market cap, the highest in three years.

Bitcoin’s market dominance reached a high of 95% during the 2017 bull market. However, this metric has been declining since then, as altcoins have been attracting more attention and investment. In 2021, Bitcoin’s dominance dropped to a low of 38%.

But with the recent inflows and price increases, Bitcoin’s dominance has been rising again. This raises the question of whether the altcoin season will still materialize in the current market cycle.

Bitcoin Leaves Ethereum And Other Altcoins In The Dust

Data from IntoTheBlock shows that Bitcoin recently reached a market dominance of 65%, the highest recorded for the metric during the 2021 bull rally.

During that period, Bitcoin captured the lion’s share of investments before eventually ceding some of its dominance to Ethereum and other altcoins in the middle of 2021.

However, the crypto landscape has changed substantially since then, and Bitcoin has now found a footing among institutional investors. As such, the recent inflows into Bitcoin and its dominance can be attributed to the inflows from Spot Bitcoin ETFs.

Flow data from SoSoValue shows that Bitcoin-based spot ETFs in the United States experienced a strong performance last week.

These ETFs saw consistent inflows every day, culminating in a net inflow of $2.13 billion, its highest since the third week of March.

This news is good for fervent Bitcoin investors and proponents but not for investors betting on Ethereum’s outperformance. One such investor is crypto millionaire James Fickel, who has lost substantial amounts over $43 million, due to his high-risk bet that Ethereum would outpe