With Bitcoin (CRYPTO: BTC) soaring more than 70% to start the year, its overall market capitalization has also soared, to more than $545 billion. As a result, Bitcoin now accounts for about 46% of the entire $1.2 trillion crypto market. Even though there are literally thousands of different cryptos, it seems like the only one that matters right now is Bitcoin.

This ratio of Bitcoin market cap to total crypto market cap, known as Bitcoin dominance, is a popular metric. It has historically been used as a powerful indicator to predict the future price of Bitcoin, as well as to gauge overall market sentiment for crypto. Here's a closer look at what this important Bitcoin metric is telling us now.

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Source Fool.com