Bitcoin dominance crosses 50% for first time since April 2021

Bitcoin now accounts for half of the total crypto market cap – crossing 50% dominance for the first time since April 2021. The chart below shows Bitcoin dominance finding a local bottom at 39.9% around November 2021 – when FTX, and its native FTT token, collapsed, triggering narratives around worthless altcoins and Ponzinomics.