Bitcoin Dominance Increases as Halving Nears and BTC Price Lingers Near $61K

During Asian trading hours on Thursdays, the largest cryptocurrency based on market value was priced below $61,400, based on CoinDesk Indices information. The selling of risk assets, driven by challenging economic circumstances, continued unabated.

The CoinDesk 20 index, representing the world’s most freely traded digital assets, has decreased by 3.3%; it currently stands at a level of 2,125.

The past week saw significant declines in the value of Artificial Intelligence tokens, which had previously garnered much market attention. For instance, RNDR from Render dropped by 13%, while Fetch.AI’s FET token experienced a more substantial drop of 24%.

The recent events have caused bitcoin’s market power to increase. Bitcoin’s market power, known as dominance, is significant for traders as it indicates the overall sentiment towards cryptocurrencies and bitcoin’s impact on altcoin price movements. Currently, bitcoin dominance stands at 55.19%, a rise of approximately 1.35% over the past week or around 2.5% in the last month.

During the approach to the upcoming halving, there has been a peak in Google searches for this event, exceeding the number of searches conducted prior to the 2020 halving.

Based on Google’s search trend analysis, the topic of “halving” has garnered greater search activity compared to Ethereum, Solana, or Dogecoin.