Bitcoin (BTC) dominance has slipped below 50 percent for the first time since January 2018 for a short time last week, signaling that we may see activity in altcoin prices.
The Bitcoin dominance index, which measures the share of Bitcoin’s market value in the cryptocurrency market, fell to 49.35 percent last Thursday, according to CoinMarketCap data. BTC dominance was 70.68 percent at the beginning of 2021.
On the other hand, Ethereum (ETH) dominance approached 15 percent on Thursday, when it peaked. ETH dominance has increased by almost 4 percent since the beginning of 2021.
ETH has posted a 9.5 percent return over the past seven days, surpassing BTC’s performance. The second largest cryptocurrency has lost 10 percent from its all-time high, while Bitcoin has retreated 20 percent from its record high.
The market dominance of Binance Coin (BNB) has also increased significantly this year, from 0.71 percent to 4.17 percent as of April 25. .
Except for the top ten cryptocurrencies, the market dominance of tokens rose from below 11 percent to over 18 percent.
Analysts have different views on the appreciation of altcoins against the dollar and bitcoin, and when the long-awaited altcoin season will begin. Jarvis Labs Co-Founder Ben Lilly, co-founder and analyst at Jarvis Labs, told Cointelegraph last week that it is not a risk-wise time to transfer BTC investments to altcoins.
On the other hand, Decentrader Co-Founder Filbfilb thinks the altcoin boom is approaching.
The altcoin market currently has a market value of $ 937 billion.