Bitcoin market dominance hits highest level since April 2021

According to The Block data reported, Bitcoin's market dominance soared to 52.92% last weekend, reaching a new high since April 2021. This growth was mainly driven by the approval of spot ETFs, despite significant market volatility. Bitcoin's market dominance has remained between 44% and 53% over the past year. However, the recent news that the Federal Reserve only expects one interest rate cut in 2024 caused Bitcoin to fall 5.3% in the past week. In contrast, many small-cap tokens such as FLOKI, STRK, IMX, and FIL have fallen by double digits in the past seven days. Nevertheless, Bitcoin is considered a lower-risk asset due to its higher regulatory acceptance and institutional adoption. As the market rebounds, Bitcoin's dominance has begun to decline.