Bitcoin market dominance now at 50.3%
Bitcoin, the world’s leading cryptocurrency by market capitalization, has seen its market dominance increase in recent years. BTC market dominance now stands at 50.3%, a three-month high for the cryptocurrency.
The latest cryptocurrency news comes at a time when Ether and other major cryptocurrencies have underperformed in recent days. Ether has seen its market dominance fall from 19% to around 17% in recent months.
Ether’s market dominance has been declining even though the Ethereum Merge upgrade went live a few months ago. Ether has underperformed Bitcoin since Ethereum became a proof-of-stake protocol.
Altcoins have faced enormous pressure from sellers in recent days. However, analysts believe that Bitcoin has maintained its support above $27,000.
If Bitcoin breaks the $28,000 resistance level, it could surpass the $30,000 level in the near term.
Altcoins could face greater selling pressure in the near term if the current trend continues. BNB and XRP have maintained their level of market dominance at around 3% and 25% respectively over the past six months.