Bitcoin News

Bitcoin’s Dominance Knocked By ETH’s Post-Shapella Rally

Following this week’s Shapella upgrade, Ether $2,107 prices have surpassed the psychological $2,000 milestone, which has led to a fall in Bitcoin’s $30,813 market dominance.

At the time of writing on April 14, statistics from the analytical website showed that Ether’s market share had increased to 19.8%, an increase of more than 1.1%, in the previous 24 hours, but Bitcoin’s dominance had decreased by just under 1%. The dominance of ETH has risen by 7.6% since the start of the year.

As Ethereum’s market share climbed, Bitcoin’s market dominance decreased to 47.7%. BTC’s market share has fallen from a nearly two-year high due to the post-Shapella ETH rise. Following its surge above $30,000 on April 12, BTC’s market share reached 48.8%, its highest level since July 2021, when it was just shy of 50%. BTC’s market share hasn’t exceeded 50% since April 2021.

According to TradingView statistics, Bitcoin’s market share has been continuously increasing since the start of the year. Both BTC and ETH have increased their market shares at the cost of altcoins, most of which have underperformed during the current climb of the two main currencies. Bitcoin and Ether account for around 68% of the cryptocurrency market. Stablecoins make up around 10% of the market, which leaves the other 10,800 or so tokens, as recorded on the price monitoring portal CoinGecko, with a total market share of only 22%.

The market capitalization of an asset is compared to the overall market capitalization of all crypto assets, which is now at an eleven-month high of $1.33 trillion, to determine market dominance. Over the last 24 hours, Ether $2,107 has increased by 10.25%. According to Cointelegraph statistics, as a result, the asset reached an eleven-month high of $2,122 during the AM Asian trading session on April 14.

The successful Shapella update on April 12 that released staked ETH on the Beacon Chain gave ether impetus. BTC has gained 2% today, hitting an intraday high of $30,862 in the early Asian trading session on April 14.


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