Bitcoin dominance below 50% for the first time in 3 years as Ether surges

Ethereum is going up and Bitcoin dominance is going down. You can't explain that, except with this image that shows an arrow made of altcoins going up up up.

Ethereum broke $3,000 to set a new all-time high on Monday, driving Bitcoin’s dominance below 50% for the first time in nearly three years.

The price of ETH has now quadrupled in 2021 — outperforming Bitcoin by about 200%.

  • Ethereum, the second largest crypto, is up 1,400% in the past year. 
  • Bitcoin is up around 550%, but boasts nearly triple the market cap.
  • Binance Coin (BNB) has them both beat (and Ripple) with over 3,600% annual return.

Altcoins threaten Bitcoin dominance

The crypto market at large is now valued at $2.3 trillion, having started the year at just $800 billion.

Bitcoin recorded a $1.06 trillion market cap at time of writing. This puts Bitcoin’s “dominance” — how much of crypto’s market value is Bitcoin — at about 47%.

  • Ethereum dominance is above 16% but it was higher in early Feb.
  • It was above 25% when the last bull market peaked.
  • BNB flipped Ripple for third a few weeks back and seems to be staying there.

[Read more: How MicroStrategy grew its $5 billion Bitcoin stash in 9 months]

Bitcoin’s dominance hasn’t been this low since July 2018, when Bitcoin was still falling from its $20,000 then-record high. 

Top four aside, utility tokens for exchanges like Uniswap and FTT are rising fast. As is dollar-pegged stablecoin Tether — up $30 billion this year alone (130% growth).

Prefer to listen to your news? The Protos Podcast delivers the week’s top stories every Friday.

Was this article interesting? Share it