Bitcoin’s supremacy over the cryptocurrency realm has surged to its highest point in three years amidst a modest rebound following yesterday’s steep market downturn triggered by concerns over a potential Iranian strike against Israel.
The Block’s GMCI 30 Index has bounced back approximately 6% from its recent low, which was precipitated by the news of the potential attack, later foiled by Israel.
As per The Block’s data dashboard, Bitcoin now commands nearly 53% of the cryptocurrency market, marking its most significant share since early April 2021, surpassing the combined value of all other cryptocurrencies.
Analyzing the one-day performance of the top 20 cryptocurrencies by market capitalization reveals that Bitcoin exhibited one of the most robust recoveries from yesterday’s sell-off, contributing to its increased dominance, despite enduring losses similar to most other tokens in the top 20.
The allure of Bitcoin as a hedge against inflation has been on the rise, fueled by anticipation surrounding its impending halving event and prevailing macroeconomic uncertainties, as previously highlighted by The Block. The countdown to Bitcoin’s halving now stands at just five days, according to The Block’s tracker.
