Since its creation, Bitcoin has dominated the cryptocurrency market. Its every move has influenced a significant portion of the market. Even though other digital assets are now available, Bitcoin is still the largest cryptocurrency according to market capitalization.

Despite the latest market crash, Bitcoin has continued to prove that it is still “the King.” Its market cap dominance climbed to 44.9% on Thursday. The last time Bitcoin’s dominance was topped 45% was in October 2021, weeks before the flagship crypto hit an all-time high of over $69,000.

Source: CoinMarketCapHistorically, Bitcoin has stayed dominant during bear cycles. But, during bullish market conditions it can give way to assets. Back in December 2020, Bitcoin’s dominance surpassed 70% shortly after it broke the $20,000 benchmark for the first time. Then, Bitcoin’s dominance fell in the majority of 2021. This was due to other assets taking over.

Bitcoin’s dominance has been on an upward trajectory since the beginning of the year and has rallied over the past week despite its volatility and weak performance. At the moment, $567.9 million is the market capital of number one cryptocurrency. Bitcoin’s price is currently in its seventh consecutive month of decline, with its eighth weekly close in red. It is only 57% off its historical high.

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