Bitcoin's dominance has reached a 2023 high, now accounting for over 64% of the total cryptocurrency market capitalization. This surge is largely attributed to the ongoing bear market, with many altcoins struggling to recover. Meanwhile, institutional investors are increasingly turning to Bitcoin as a safe-haven asset, driving up its value.

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This Bitcoin dominance is a reflection of its perceived safety and liquidity, which is concerning for GameFi projects that rely on altcoins for their in-game economies.