Bitcoin dominance is about to drop below 50% for the first time in 3 years

Bitcoin (BTC) returned to the market on the 22nd. April is back to its recent low near $52,000 due to continued weakness in the largest crypto-currency.

1-hour candlestick chart of BTC/USD (Bitstamp). Source: View of the shop

traders await the magic of thealgorithm

Cointelegraph Markets Pro and Tradingview revealed a bad day for BTC traders, with BTC/USD briefly dipping below $53,000 before settling $1,000 higher.

The move came at a time when bitcoin was about to lose its dominant position in the altcoin market, which traditionally marks the real start of the altcoin season.

Charts from monitoring source CoinMarketCap showed that bitcoin’s share of the total cryptocurrency market capitalization was just 50.1% on Thursday.

After bitcoin’s sharp decline this year despite its own gains, it looked like bitcoin’s market share against altcoins would break through a support that had held for more than three years.

A look at historical behavior shows that when bitcoin loses the 50% barrier, altcoins quickly follow, often led by Ether (ETH).

So the permutation unleashes an alt-run that really fits the description of an alt-season – a quick spike followed by a cooling period where bitcoin regains lost ground. This was the case in both mid-2017 and early 2018.

Graph of cryptocurrency market share. Source: CoinMarketCap

If history repeats itself, that would be music to the ears of altcoin investors, many of whom have long claimed that the altcoin season has already begun but has yet to show its true colors.

The race to the top might even surprise them this time, as many violas have already shown incredible performance in 2021.

The predominance of BTC is 51.6%. The magic begins with a 50% breakout, the popular Twitter account CryptoBull summarized last week’s results.

Themarket breaks the spell of theDogecoin

At the time of writing, Ether in particular has shown no signs of weakening in the face of the new BTC/USD swings, rising 6% in 24 hours to approach $2,500 again.

Others were less optimistic, with the top 50 cryptocurrencies mostly down on the day.

Dogecoin (DOGE), formerly the star of the show, continued to decline, reaching all-time highs of $0.44 on some exchanges. DOGE/USD is already down 40% from Thursday’s high.

DOGE/USD 1-hour candlestick chart (Bittrex). Source: View of the shop

Related Tags:

Feedback,bitcoin dominance chart,bitcoin dominance coinmarketcap,bitcoin dominance meaning,ethereum dominance,bitcoin price,ethereum price,bitcoin crash,ethereum news

More from author

Related posts

Latest posts

Top 10 Crypto Stories of 2021 | Footprint Analytics Annual Report 2021

The cryptocurrency industry has come a long way in the last few years, and many of its most promising projects are still developing and...

The Rise of NFTs | Footprint Analytics Annual Report 2021

In the next five years, we expect to see continued growth of blockchain-powered digital assets and a major shift in how they are used....

Calamari Network Rolls Out Community Governance Measures As Decentralization Efforts Advance

The Calamari Network, a decentralized peer-to-peer digital content platform built on the EOS blockchain is announcing community governance measures designed to help achieve continued...