Bitcoin’s Market Share Reaches Highest Level Since April 2021
Bitcoin’s market share has reached its highest level since April 2021, with dominance reaching close to 60%. This increase in market share is accompanied by a rise in the exchange rate, which briefly exceeded 68,000 dollars. The market dominance of Bitcoin has been gradually strengthening since 2023, breaking out from the range of around 40-45% in the second half of 2023 and continuing to rise since then.
Historically, Bitcoin’s market share growth has been bad news for altcoins. While Bitcoin gained 2.5% in a single day, altcoins were mostly stagnant or down. Some traders believe this trend will be short-lived and will open up the market to altcoins. Analysts suggest that strong Bitcoin is essential before altcoin rallies.
The founder of ICT Crypto, Benjamin Cowen, predicts that the dominance will peak at 60% and advises followers to break away from Bitcoin before it’s too late. Traditionally, Ethereum has been one of the first assets to react to the decline in Bitcoin shares. However, the Ether-to-Bitcoin ratio is currently near its lowest level since April 2021, trading below 0.039 again this week, according to TradingView.
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