Bitcoin’s market dominance, the market share of bitcoin’s market capitalization relative to the total market capitalization across crypto tokens, shot up to 52.92% over the weekend, climbing up from below 50% at the end of May. 

Bitcoin is the largest crypto asset by market cap, and its market dominance has not fluctuated much over the past year. It has stayed within the range of 44% and 53%, boosted since last summer as the excitement around spot ETF approvals lifted bitcoin relative to its peers.

Bitcoin’s dominance reached 52.86% in April, its highest level since April 2021. This was the culmination of bitcoin’s dominance continuing to grow after ETF approval and a sharp uptick in bitcoin’s position relative to other assets amidst fear of a wider conflict in the Middle …