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Bitcoin dominance drops 50% for the first time since August 2018

The dominance of bitcoin (BTC) fell below 50% this Thursday, April 22, for the first time since August 2018. This index of bitcoin, which reflects the relationship between its market capitalization and the total capitalization of the cryptocurrency market, registered a value of 49.79% this Thursday at 10:13 am (UTC-4). The dominance of has had a decreasing trend this year, starting with a value of 70.68%.

While bitcoin has lost almost 21 percentage points of dominance in So far this year , the Ethereum (ETH) cryptocurrency went from 10.79% dominance to 14.49%, in the same period. Binance Coin (BNB) quintupled this index this year, which reached a value of 3.43%, while XRP (XRP) doubled it, and at this time it is 2.92%.

The loss of dominance of bitcoin is more noticeable against ETH which, in addition, has been increasing its price in BTC. In the past week, both BTC and ETH posted all-time highs, one day apart. While bitcoin has fallen almost 20% since its last all-time high and fluctuates around USD 53,000, ETH maintained its bullish momentum since Thursday 15 and managed to conquer a new all-time high this Thursday. fact reported by CriptoNoticias.

The dominance of bitcoin has shown a decreasing trend in 2021. Source: CoinMarketCap.

Bitcoin and ether, as confirmed by the figures displayed in the graph have a little more than 64% dominance. The loss of dominance of bitcoin, together with the fact that it remains below USD 53,000, lead to a market capitalization of less than a trillion dollars . Bitcoin fell from a trillion dollars in capitalization last Sunday, April 18.

The dominance of bitcoin, which was 80% or higher until March 2017, fell to 38% in June 2017. At that time, as seen in the chart below, ETH reached an all-time high in dominance of 31.17%.

After registering a historical low of 32.8% on January 12, 2018, the dominance of bitcoin grew steadily to 69% in mid-September 2019 and remained, with fluctuations, close to that level, until January of this year.

The loss of dominance is an additional factor that reinforces a lag that bitcoin had already been showing compared to altcoins , even within the upward cycle current. Bitcoin still shows a significant appreciation, close to 75%, compared to the beginning of 2021 and 636% compared to January 2020. However, compared to the main altcoins, bitcoin has underperformed .

According to the index associated with a season of altcoins, which was commented on by CriptoNoticias, bitcoin was in the last places in appreciation among the first 50 cryptocurrencies with the highest return in the last 90 days. Currently, bitcoin is ranked 47th.

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Sandra Loyd
Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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