In the past 24 hours, Bitcoin’s share of the crypto market cap has decreased by almost 1%, while Ether has gained just over 1.1%. The increase in Ether’s market share has been attributed to the successful Shapella upgrade this week, which has helped the asset top the psychological $2,000 level. As a result, Bitcoin’s market dominance has declined, according to data from analysis site btctools.io. Ether’s market share has climbed to 19.8%, an increase of over 1.1% in the last 24 hours, while Bitcoin’s dominance has fallen by just under 1%. Since the beginning of the year, ETH dominance has increased by 7.6%.
Bitcoin’s market dominance has fallen to 47.7% as Ethereum’s market share has increased. The post-Shapella ETH rally has knocked BTC off an almost two-year high in terms of market share. On April 12, BTC’s market share tapped 48.8% following its rally to $30,000, the highest it’s been since July 2021 when it came just shy of 50%. Additionally, BTC has not been over 50% dominant since April 2021. However, Bitcoin’s dominance remains up 13.6% since the beginning of the year, according to TradingView data.
The rise in both BTC and ETH’s market share has come at the expense of altcoins, most of which have been lackluster during the recent rally of the two top coins. Bitcoin and Ether combined represent around 68% of the total crypto market. Roughly 10% is stablecoins, meaning the other 10,800 or so tokens, as listed on the price analytics platform CoinGecko, have a combined share of just 22%. The market cap share of the top coins over one month shows a slight increase for ETH and a decrease for BTC.
Market dominance is calculated by looking at an asset’s market capitalization compared with the total crypto market cap, which is currently at an eleven-month high of $1.33 trillion. ETH prices have surged 10.25% over the past 24 hours, tapping an eleven-month high of $2,122 during the April 14 morning Asian trading session, according to Cointelegraph data. Ether’s momentum has been driven by the successful Shapella upgrade on April 12, which released staked ETH on the Beacon Chain. BTC has managed a 2% gain on the day, reaching an intraday high of $30,862 during the April 14 morning Asian trading session.
It is noteworthy that Ether’s market share has been on the rise since the beginning of the year, while Bitcoin’s dominance has declined slightly. The increase in ETH’s market share has been attributed to the successful Shapella upgrade, which has boosted investor confidence in the asset. As a result, Ether’s price has surged, reaching an eleven-month high. BTC’s market dominance remains strong, although it has declined slightly in recent weeks. The rise in both BTC and ETH’s market share has come at the expense of altcoins, most of which have not performed as well during the recent rally of the two top coins.
It is interesting to note that Bitcoin and Ether combined represent around 68% of the total crypto market, while the other tokens listed on CoinGecko have a combined share of just 22%. This suggests that investors are increasingly focused on the two top coins, which have seen significant gains in recent months. As the crypto market continues to evolve, it will be interesting to see how Bitcoin and Ether’s market share continues to change, and whether other altcoins will be able to gain ground.