ETH's Post-Shapella Rally Knocks Bitcoin's Dominance
Cryptocurrency markets experienced a shift in market dominance as Ethereum gained over 1.1%. While Bitcoin market share retreated by almost 1% on April 14. The surge in ETH’s Post-Shapella Rally knocks Bitcoin’s dominance. It occurred earlier this week and released staked ETH on the Beacon Chain.
ETH Market Share Climb to 19.8%
According to data from btctools.io, ETH’s market share rose by over 1.1% in the past 24 hours. It is bringing its market dominance to 19.8%, Bitcoin’s dominance decreased by nearly 1%, and ETH’s dominance has increased by 7.6% since the beginning of the year. Thus, BTC’s dominance remains up 13.6% based on trading view data.
BTC’s Market Dominance Falls
BTC’s market share reached 48.8% on April 12 after rallying to $30,000, the highest since July 2021, when it fell just short of 50%.%.
However, BTC’s market dominance has fallen to 47.7% due to the ETH’s Post-Shapella Rally knocks Bitcoin‘s dominance. The decline in BTC’s market share marks the first time in almost two years that BTC has been knocked off its top position in terms of market dominance.
BTC and ETH Represent 68% of the Crypto Market
BTC and ETH represent around 68% of the total crypto market, with 10% comprising stablecoins. It means the other 10,800 tokens listed on CoinGecko have a combined share of only 22%.
Moreover, market dominance is calculated by comparing an asset’s capitalization with the total crypto market cap. It currently stands at an eleven-month high of $1.33 trillion.
Altcoins Suffer During the BTC and ETH Rally
The rise in BTC and ETH’s market share has come at the expense of altcoin. Most of these have been lacklustre during the recent rally of the two top coins. BTC rose by 2% on the day, hitting an intraday high of $30,862 during April 14 morning Asian trading session. Meanwhile, ETH has surged 10.25% over the past 24 hours, tapping an eleven-month high of $2,122 during the same trading session.
Conclusion
The successful ETH’s Post-Shapella Rally knocks Bitcoin’s dominance. It is knocking BTC off its almost two years high in terms of market share.
BTC’s market dominance has fallen to 47.7%, while ETH’s dominance has increased to 19.8%. It is marking the first time in almost two years that BTC has been surpassed in market dominance.
BTC and ETH combined represent around 68% of the total crypto market. At the same time, the altcoin has suffered During the recent surge of the top two coins.