According to The Block data, Bitcoin's market share has reached a high of 57% so far this year, reflecting its growing share of the total cryptocurrency market cap. Analysts at The Block said that during the last cycle, Bitcoin's dominance fell to 39% at one point, echoing the DeFi craze and the subsequent rally of counterfeit products. The current 57% dominance, combined with Bitcoin's price strength, could signal that the market is at the beginning of this cycle, while BTC is entering the price discovery phase.