Bitcoin's market dominance reached a 30-month high of 54% over the past few hours, indicating the leading cryptocurrency's growing strength ahead of the halving event scheduled for April 2024.

The Bitcoin halving occurs every four years, which halves the mining reward for each block and reduces the flow of new Bitcoin into the market. With the next halving, the reward will be reduced from 6.25 BTC to 3.125 BTC per block.

As the growth in supply of Bitcoin slows while demand rises, its dominance and scarcity increase and thus its price rises. Bitcoin maintained its market dominance of over 80% for 2017, but has fallen to the 50-60% range for 2021.

But with the excitement generated by ETFs in the past few days and the halving event approaching, Bitcoin's dominance has risen to 54%, the highest level since April 2021. The rise coincided with Bitcoin's rise above $30,000 amid news of a possible approval of Bitcoin ETFs in... United State.

In this regard, Noelle Acheson, a market analyst, says that Bitcoin’s appeal as a safe haven and the momentum of exchange-traded funds have helped strengthen its dominance over alternative currencies such as Ethereum.

With Bitcoin outperforming most altcoins over the past period, its bullish momentum could signal a coming rally for altcoins once funds start flowing out of Bitcoin and into other crypto assets. For now, its dominance reflects its strength as the cryptocurrency market waits for the next major catalyst.

Digital currency prices have witnessed notable increases over the past few days due to a court ruling in favor of the American company Grayscale Investments from the Federal Court of Appeal, last Monday, in its effort to establish spot funds for trading Bitcoin on the stock exchange, despite the objection of the Securities and Exchange Commission.

Among the leading companies competing to offer similar products are asset management companies BlackRock and Fidelity Investments. Digital asset traders expect ETFs to contribute to expanding adoption of the use of digital currencies.

These formal decisions reinforce the court's previous ruling two months ago, which held that the SEC was arbitrary in rejecting Grayscale's attempt to convert the roughly $17 billion Grayscale Bitcoin Trust into an exchange-traded fund.

Cryptocurrencies now

The combined market value of the crypto market during these moments of today’s trading amounted to approximately $1.26 trillion. The trading volume reached approximately $28.58 billion.

Bitcoin rose during the last 24 hours to the levels of $34,206, by 0.5%, while recording weekly gains of 11.4%. Its market value now reaches $670 billion.

While Ethereum, which is the largest digital currency by market value after Bitcoin, rose by about 0.44% during the last 24 hours, to reach $1,788, with weekly gains of 6%, and a market value of about $214 billion.

The price of Binance Coin rose by 0.1% to record $227.

While Ripple gained approximately 1.2%, recording $0.55228.

Solana rose by 1.6% during the last 24 hours to $32,543, and by 6.7% during the last 7 days.

Cardano witnessed a rise to $0.2937, by 0.7%, while it rose in the last 7 days by 11%.

On the other hand, Dogecoin rose to the level of $0.068608, by 0.3%.