Bitcoin market dominance continues to decline as markets move up the charts. The leading cryptocurrency has seen its market share drop steadily as investors become interested in altcoins. In the five years since its operation, Ethereum now has just under half the dominance of the digital asset market. This has resulted in altcoins like Ethereum rallying despite the direction in which the price of bitcoin is heading.
Now, once again, as is the case with all bull markets, altcoins are breaking away from the influence of bitcoin. As the bullish rally continues to rage, the alts are closing in to steal more market share for themselves. This year alone, BTC has lost over 30% of its dominance in the market. Starting the year in the 73% range, it now sits at 44.13%.
BTC market cap dominance down to 44% | Source: Market Cap BTC Dominance on TradingView.com
Related reading | Crypto Market Cap Close To $ 2 Trillion, What To Expect From The Market
Although BTC continues to have the highest market cap of all, alts are seeing a growing number. Ethereum’s market capitalization has seen another uptrend that pushes the total market capitalization of assets to $ 400 billion. On the heels of the London Hard Fork which sparked increased interest in the asset.
Total market capitalization reaches $ 2 trillion
The crypto’s total market cap was severely battered three months ago when it slumped from its all-time high of $ 2.4 trillion. Spending the past three months in a perpetual state of slow motion that seemed like the start of a brutal bear market.
Total crypto market cap hits $2 trillion for the first time in months | Source: Crypto Total Market Cap on TradingView.com
A rebound in cryptocurrency prices across the market has allowed market capitalization to rebound. Breaking the $ 2 trillion mark for the first time since the crash and now, indicators are showing the market may be on track to break the record. The rebound in crypto market capitalization has now sparked renewed interest in the market.
Bitcoin and altcoins have rallied in the past two weeks, causing a $ 2 trillion breakout. More and more projects arouse the interest of their investors. Projects like Cardano and Ethereum continue to be a priority in the market. Their continued commitment to making their network optimal leads to continued confidence in the market.
Altcoins will rally with or without Bitcoin
The dominance of the BTC market shows that altcoins are on their way to being completely independent from what is happening to the top crypto. Historically, cryptocurrency prices have always rallied behind bitcoin. But it seems that this era is coming to an end.
Related reading | Why a shocking Altcoin season could be on the horizon
Soon, some altcoins will have taken enough market share from bitcoin to put them almost on a level playing field. This will mean that the prices of those alternatives with strong market dominance will also determine the direction of the market, regardless of which direction BTC is facing.
This is why “season of the alts” is a popular saying in the market. Whenever altcoins take market share from the main cryptocurrency, the market sees a rally in alt prices. While at the same time, the price of bitcoin could stagnate or even experience a downtrend as alts register massive gains.
Featured image from Personal Financial, charts from TradingView.com