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Bitcoin dominance is a metric that measures the market capitalization of Bitcoin (BTC) relative to the total market capitalization of all cryptocurrencies. It is calculated by dividing Bitcoin's market cap by the total market cap of the entire cryptocurrency market and expressing it as a percentage.
Bitcoin dominance provides insights into Bitcoin's market share and influence within the broader cryptocurrency space. A high Bitcoin dominance percentage indicates that Bitcoin holds a significant portion of the total cryptocurrency market value, often signalling a market trend where Bitcoin's performance has a strong impact on the overall market sentiment. Conversely, a lower Bitcoin dominance percentage suggests a more diversified market where alternative cryptocurrencies (altcoins) may be gaining traction and market share relative to Bitcoin.
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Plena Finance acknowledges the significance of Bitcoin Dominance within the cryptocurrency market and incorporates tools to help users track and understand its impact. Bitcoin Dominance, which measures Bitcoin's market capitalization relative to the total market cap of all cryptocurrencies, is a critical indicator of market trends and investor sentiment. Through the Plena Super App, users can access real-time data and analytics on Bitcoin Dominance, enabling them to make informed decisions about their crypto investments.
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