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Bitcoin dominance has breached 65 percent for the first time since early June
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According to CoinMarketCap data, Bitcoin dominance has surpassed the 65 percent mark for the first time since June 1.
Meanwhile, its market capitalization has surpassed the $300 bln mark from Dec. 17, 2017.
Bitcoin’s revival
The decentralized finance (DeFi) took a significant toll on Bitcoin’s market share in late summer.
Bitcoin dominance slipped below on Aug. 17 when a bunch of DeFi tokens posted double-digit gains.
This trend continued to persist throughout August and the first part of September, with Ethereum and the nascent DeFi economy seemingly stealing all the spotlight.
On Sept. 14, when Yearn.finance (YFI) was trading near its all-time high $43,910, Bitcoin’s market share plunged to 56.67 percent, its lowest level since June 2019.
Many believed that things would only get worse for Bitcoin maximalists from there, expecting a do-over of the 2017 initial coin offering (ICO) boom that would culminate in the much-awaited flippening.
What happened instead was the renaissance of the crypto king bolstered by the PayPal embrace.
No alt season in sight
On Nov. 11, Bitcoin briefly touched $16,000 for the first time before eventually gaining foothold above the aforementioned level today.
The bellwether cryptocurrency is currently the only coin in the green in the CMC top 10.
Chainlink (LINK) is the biggest laggard as it is barely holding onto its fifth place following a five percent plunge.
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