Since July 2022, Bitcoin’s (BTC) market dominance has exceeded 40%, according to Glassnode data examined by CryptoSlate.
The orange line in the above graph shows that BTC has dominated the market since October 2020. As much as 70% of the market was dominated by BTC at the start of 2021. But in January 2022, this proportion dropped to just above 40%, and it continued to drop throughout the first half of the following year.
Cryptoslate further noted that with the exception of a brief spike in late June, when BTC dominance rose to 48%, the rate was steadily below 40%.
(With insights from Cryptoslate)