Bitcoin dominance hits highest level since April 2021

Bitcoin dominance (a measure of Bitcoin's market capitalisation relative to the total market capitalisation of cryptocurrencies) reached a high of 52.7% last week, the highest level in three years since April 2021. Starting on 22 June, BTC's market cap share stood at just 48.2%, which quickly rose to 51.9% immediately after the launch of the ETH ETF on Tuesday and gradually continued to rise over the course of the week. In stark contrast, ETH has been weak in terms of price action. In addition, various torrents have also shown considerable weakness against BTC, further pushing its dominance to its highest level in three years.