According to data from Tradingview, Bitcoin’s market dominance dropped to 50% on April 22 marking the lowest point it has been for 33 months. At the time of writing, it has recovered marginally to 51.48%.
A two-month consolidation period around the 62% level ended at the end of March when altcoins started to take off. BTC dominance fell steadily throughout April shedding 12% to the current level.
Bitcoin dominance weekly view – Tradingview.com
The last time Bitcoin’s market share plunged to 50% was in July 2018 when it was priced at just under $8,000. It was the middle of a long bear market that would see the asset’s price plunge to $3,200 by the middle of December the same year.
BTC dominance has been lower, in January 2018 when altcoins were at their peaks, the king of crypto only commanded 35% of the market.
As was the case during the last bull run, Ethereum has taken the largest chunk out of Bitcoin’s market pie. ETH is currently just below 30% of Bitcoin’s market cap with $285 billion compared to $978 billion. As a percentage of the total, Ethereum has a market share of 14.25% according to Coingecko.
ETH prices have remained high while BTC has corrected around 27% to Sunday’s low of $47,250. Ethereum’s total correction since ATH has been 18% by comparison as it fell to $2,150 over the weekend.
Binance Coin has also powered up the crypto coin cap charts into third with $82 billion and a 4% share of the total market, which has just topped $2 trillion again.
The surge in stablecoins in circulation has also contributed to Bitcoin’s diminishing share. The top four – USDT, USDC, BUSD, and DAI – have $74 billion between them making them collectively the fourth largest crypto asset.
At the time of writing, Bitcoin had recovered 5.3% from its weekend dip to trade at $52,300 during Monday morning’s Asian trading session. Analysts are now marking it as in the oversold territory.
Resistance currently lies in the $55K zone so this is where it needs to head in order for the uptrend to continue in the short term.
On the downside, there is support at $45K but a revisit of these levels could spell the end of the bull market if there is no immediate recovery.
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