Bitcoin dominance at 57% as Ethereum share drops to lowest since before The Merge

exchange684 weeks ago

0 3 1 minute read

Bitcoin dominance has surged over 57%, marking its highest point since March 2021. This rise illustrates a growing market share concentration, while Ethereum’s dominance has dropped to 13.5%, the lowest level since that same period.

2024 crypto dominance (Source: CoinMarketCap)

Ethereum’s peak dominance last cycle, recorded at 18% just before the September 2022 Merge, also coincided with Bitcoin’s lowest dominance of 39%. Since then, Bitcoin has steadily reclaimed ground.

All-time crypto dominance (Source: CoinMarketCap)

Solana’s market share has climbed to 3.2%, while BNB’s dominance has held steady at 3.8% over the past two years. USDT’s dominance has declined from 7.8% in late 2022 to 5% today. The combined dominance of all other tokens has decreased significantly, from 33% in early 2021 to 16%.

Bitcoin dominance peaks often align with overall market tops.

Analyst

Liam ‘Akiba’ Wright

Editor-in-Chief at CryptoSlate

Also known as “Akiba,” Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.

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