Bitcoin market domination drops to lowest mark since 2018

According to TradingView, Bitcoin market dominance has just slipped below its 2021 low and is now at 39.73%. Spartan Group’s Jason Choi noticed the change and tweeted the chart on January 4.

It’s a sharp contrast to Bitcoin’s market dominance around the same time last year, when it peaked at 73.6% on January 3, 2021. Since then, it has dropped by 46% to its current level.

Lowest since 2018

BTC dominance dipped to 39.48% on January 3, according to TradingView. It hasn’t been that low since approximately May 2018, when it was around 39.17%. 

BTC dominance fell below 40% in September 2021, before rising and dropping again in the second half of the year.

The lowest this value has ever been was about 35.5% on January 11, 2018, following the first significant cryptocurrency spike.

A drop in BTC supremacy is frequently interpreted as a hint that altcoins would begin to rally, but they are currently in decline as well, albeit at a lesser pace.

As per TradingView, Ethereum’s market share has been continuously increasing since January 2020, and it now stands at 20.23%. Early in December, ETH dominance reached a peak of 22.35% in the local market, but it has since fallen.

BTC and ETH together account for roughly 60% of the whole crypto market, which is lower than Bitcoin’s proportion of the market in March 2021.

Stablecoins, in addition to altcoins, account for 7.15% of the total crypto market valuation, according to CoinGecko. 

BTC Predictions

Binance Coin (BNB), Solana (SOL), and Cardano (ADA) are among the high-cap altcoins that have had their shares rise by 3.67%, 2.22%, and 1.80%, respectively.

BTC has dropped another percentage point in the last 24 hours, trading at $46,430 at the time of publication. 

It has dropped 8.4% this week, and is currently down 32.7% from its all-time high on November 10.

 

Image courtesy of Cointelegraph News/YouTube

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