The BTC dominance plummets to 50% for the first time in about 33 months as its market share took a beating over the past month so let’s read more in our latest bitcoin news today.
According to the data from Tradingview, the BTC Dominance plummets to 50% marking the lowest point since 2018 ago. At the time of writing, it has recovered to 51.48%. The two-month consolidation period around 62% level ended in March when altcoins started taking off. At that time, its dominance fell over the entire month of April and shed about 12% to the current level. The last time BTC’s market share dropped to 50% was in July 2018 when it was priced at just below $8000. It was the middle of the long bear market that saw the price drop to $3200 by the middle of December that same year.
Bitcoin dominance weekly view – Tradingview.com
The dominance was lower in 2018 when the altcoins were at their peaks as the number one cryptocurrency commanded about 35% of the market. As was the case with the last bull run, ETH took the biggest chunk out of BTC’s market pie and ETH is now below 30% of the BTC market cap with $285 billion compared to $978 billion. The market share of ETH was 14.25% as per Coingecko. The ETH prices remained high while BTC corrected around 27% to Sunday’s low of $47,250 with the ETH total correction since the ATH was 18% by comparison when it fell to $2150 over the weekend.
Binance Coin on the other hand-powered up the crypto coin cap charts with $82 billion and a 4% share of the total market that topped $2 trillion again. The surge in stablecoins in circulation contributed to the BTC diminishing share and the top four USDC, BUSD, USDT, and DAI have about $74 billion between them that makes them four biggest crypto assets on the market.
Source BTCUSD on TradingView.com
At the time of writing, BTC recovered 5.3% from the weekend drop of $52,300 during the Monday morning Asian trading session and now analysts are marking it is in the oversold territory. The resistance now lies in the $55K zone which is where it needs to be to head up in the uptrend direction. On the downside, there’s support at $45K but a revisit of these levels could end the bullish sentiment without no recovery.