Cryptocurrency prices have bounced back from a sell-off as Bitcoin dominance hits a three-year high.

Bitcoin BTC

-4.59%
The cryptocurrency’s dominance over all other cryptocurrencies hit a three-year high after the cryptocurrency recovered slightly from yesterday’s sharp sell-off triggered by news of an imminent Iranian attack on Israel.

The Block’s GMCI 30 GM30

-5.27%
The index recovered about 6% from yesterday’s low and saw a rapid sell-off following news of the Israeli attack. He said he interfered.

Following the recovery, Bitcoin now accounts for about 53% of the cryptocurrency market, the highest since early April 2021 and more than all other cryptocurrencies combined, according to The Block’s data dashboard.

Examining the daily performance of the top 20 cryptocurrencies by market capitalization, we found that Bitcoin, like almost every other token in the top 20, still lost value, but showed the strongest recovery from yesterday’s sell-off due to its increased dominance.

The Block previously reported that the upcoming halving event and uncertain macroeconomic headwinds are increasing Bitcoin’s appeal as an inflation hedge. Bitcoin halving is just five days away, according to The Block’s tracker.

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