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.
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.
Ethereum, BNB, Stablecoins Growing
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.
BTC Price Update
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.