Dominance of ETH, XRP and DOGE has Greatly Increased

It’s been a while since Bitcoin has been on the down-low. But this time, it’s not just the price, Bitcoin’s dominance in the market too has been slipping to a historic level.

According to data provided by CoinMarketCap, Bitcoin seems to have broken its long-term support and reached levels which were last seen back in 2018.

Image Source: CoinMarketCap

The above chart shows that Bitcoin dominance was on the rise ever since July 2018. The dominance hit almost 50% in a year, 2019. And since then, it has been on the graph has been going only up.

The dominance was recorded above 60%, and the level was maintained barring only one instance in September 2020 when it dropped to 56%.

However, this value has fallen greatly to 51.08%.

While Bitcoin dominance seems to be collapsing lately, the dominance of Altcoins shows a sign of rising. The 2nd most popular cryptocurrency or altcoins, Ethereum has been witnessing a new growth period in the market. The ETH’s price has escalated by 13% just in last 4 days and is currently being traded at $2,400.

With such a significant surge at such a price, Ethereum’s dominance has shifted to a new level along with other prominent altcoins.

Image Source: CoinMarketCap

The above chart shows that the Ethereum’s dominance peaked in 2021 around 16%, where Bitcoin dominance was still holding at 60%. However, following this new high the dominance dropped greatly.

In Aprils, Bitcoin dominance dropped under 60%, where Ethereum dominance was strongly holding at 11.55%. As the month progressed, Bitcoin dominance collapsed, and, on the other hand, Ethereum dominance has moved to 12.57%.

More interestingly, other than Ethereum, altcoins that moved up in the form of dominance were Ripple (XRP) and Dogecoin (DOGE).

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