The leading cryptocurrency Bitcoin (BTC) market dominance has dropped below 48% on April 30th, the lowest level since August 2018. The latest decline in BTC’s market dominance comes amid a significant price surge in the altcoin market.
Bitcoin Market Dominance Falls Below Since August 2018
According to the latest data published by CoinMarketCap, the market dominance of Bitcoin has dropped from 70% on 1 January 2021 to as low as 47.9% on 30 April 2021.
Ethereum (ETH), which touched an all-time high of $2,799 on April 29 was second in terms of market dominance at 14.7%.
At the beginning of the year, Bitcoin saw a market dominance of over 70%, while Ethereum (ETH) was nearly at the 11% level.
Meanwhile, the Shiba-Inu-themed DOGE cryptocurrency had a market dominance of 0.16% at the beginning of the year.
Since then, Dogecoin has risen to reach the 7th position as the largest cryptocurrency in market cap and has gained more than 7,000% this year.
Perhaps, Bitcoin’s loss of market dominance could result in an altcoin season. In fact, just last week, crypto analyst, Michaël van de Poppe predicted that altcoins will rally furiously this summer.
Bitcoin’s Market Dominance Dropped 10% in April
Bitcoin’s market dominance had dropped by nearly 10% within this month itself. For instance, during the second week of April 2021, the total market dominance of Bitcoin reached 54%, at the time the lowest level since April 2019.
The recent boom in DeFi, NFTs and social tokens have played a key role in the dip of Bitcoin’s market dominance. Besides, many other cryptocurrencies had outperformed Bitcoin in terms of price performance.
For instance, Binance’s BNB coin has risen by more than 1,500% within 2021, compared to a jump of approximately 80% in BTC.
Binance Coin (BNB) now has a market dominance of 4.18%, while Polkadot (DOT), and Cardano (ADA) have a dominance of 1.5% and 2% respectively.
At the beginning of the year, BNB and ADA had a market dominance of only 0.7%, while DOT’s market dominance was around the 1% mark.