Bitcoin’s market share is surging, with the Bitcoin Dominance Index (BTC.D) nearing 60%—a peak not seen since April 2021. This impressive ascent, now at 59.2%, has been fueled by the decline of altcoins and Ethereum (ETH) since late 2022. Following the downfall of FTX, Bitcoin dominance has soared by 51% and has seen a 16% increase just since the onset of 2024, indicating a robust recovery.

Market trends suggest the climb in Bitcoin’s dominance stems from investors’ growing disinterest in low-float altcoins and ETH’s ongoing struggles. With the U.S. presidential election casting uncertainty, Bitcoin, along with tokens like SOL, has benefited from a perceived safer asset status amidst speculation on political impacts on market regulations.

Despite the introduction of Ethereum ETFs earlier this year, Ethereum has not mirrored Bitcoin’s success. August marked its worst performance post-Terra Luna’s collapse, with ETH ETFs experiencing a net outflow of $427 million since May, contrasting sharply with the $22 billion influx into BTC ETFs. This disparity underscores the prevailing confidence in Bitcoin as the leading cryptocurrency.