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.
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.
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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