According to TradingView, the market dominance of bitcoin (BTC) - the largest cryptocurrency by market value - has reached a 9-month high of 45.5%.
The recent increase comes amid a tumultuous period for the crypto market due to the failure of crypto-friendly banks and a near meltdown of the wider banking sector. Bitcoin's market dominance typically rises during times of high stress because it is considered a less volatile asset than most other cryptocurrencies. BTC's market share gains have also coincided with a recent surge in bitcoin's price, which soared past $26,000 after the release of mildly favorable consumer price index data for February. This recent rise in BTC dominance is seen as a healthy signal for the crypto market by some analysts. Additionally, the rise in BTC's dominance has occurred while there has been instability with stablecoins, particularly with the depegging of the USDC stablecoin from the dollar.