Bitcoin’s Share of the Crypto Market Is Nearing a 3-Month High

Bitcoin’s share of the cryptocurrency market hit an 11-week high on Thursday, market data shows.

Data from CoinMarketCap reveals that bitcoin’s dominance rate reached 55.38 percent on Dec. 6, which is its highest level recorded since Sept. 20. At press time, that figure is hovering around 55.1 percent.

The dominance rate is a metric used to measure the percent market share of a particular asset in cryptocurrency market. What the development suggests is that traders may be shifting funds from alternative cryptocurrencies into the world’s largest coin by market capitalization – or at the very least, demand for bitcoin is outpacing other networks.

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