Bitcoin's dominance rate has reportedly surged amid a banking crisis in the US. The cryptocurrency's dominance rate, which measures Bitcoin's share of the total cryptocurrency market capitalization, has risen to over 50%, its highest level in months. The surge in Bitcoin's dominance rate is believed to be driven in part by concerns over the US banking system, which has been experiencing a shortage of cash due to a combination of factors, including the COVID-19 pandemic and the Federal Reserve's monetary policy. Investors are reportedly turning to Bitcoin as a safe-haven asset amid the uncertainty in the traditional financial system.

(By Omkar Godbole)