On Sept. 16, Bitcoin dominance hit 58%, according to Tradingview. This is the highest it has been since April 2021, following almost two years of steadily increasing.<\/p>\n
BTC dominance was below 40% in November 2022 following the collapse of FTX, which sent the asset tumbling to a low of $16,000 in the brutal bear market that followed.<\/p>\n
It has trended upwards since then, leaving the altcoins<\/a>, especially Ethereum, which has seen its market share dwindle, crushed.<\/p>\n Ethereum dominance has declined by 30% over the past year, falling below 14% for the first time in three and a half years this week, according<\/a> to Tradingview. This has also helped<\/a> BTC increase its market share.<\/p>\n On Sept. 16, analyst \u2018Rekt Capital\u2019 observed BTC market share noting that its weekly close was 57.68%, above a critical support\/resistance level for the first time since April 2019.<\/p>\n \u201cThe last time such a weekly close occurred, it kickstarted a multi-month Bitcoin dominance uptrend to 71%,\u201d he added.<\/p>\n BTC dominance last topped 70% in early 2021 but rapidly tanked to 40% over the four months that followed during the altseason of that year.<\/p>\n #BTC<\/a> <\/p>\n Bitcoin Dominance has made history<\/p>\n It has Weekly Closed above 57.68% (green) for the first time since April 2019<\/p>\n That’s 5 years ago<\/p>\n The last time such a Weekly Close occurred, it kickstarted a multi-month Bitcoin Dominance uptrend to 71% (red)$BTC<\/a> #Crypto<\/a> #Bitcoin<\/a> https:\/\/t.co\/W8Uggsg4T8<\/a> pic.twitter.com\/16276CADjN<\/a><\/p>\n \u2014 Rekt Capital (@rektcapital) September 16, 2024<\/a><\/p>\n\n Other analysts were not convinced, suggesting that Bitcoin<\/a> dominance was peaking and that a retreat would kick start altseason during this cycle.<\/p>\n \u2018Cryptollica\u2019 told their 30,000 X followers that dominance may decline to 35% by mid-2025.<\/p>\n #Bitcoin<\/a> Dominance pic.twitter.com\/QQ0j7i0GaE<\/a><\/p>\n \u2014 Cryptollica (@Cryptollica) September 16, 2024<\/a><\/p>\n\n Meanwhile, crypto YouTuber Kyle Doops echoed<\/a> the sentiment in a post on X on Sept. 17.<\/p>\n \u201cThis pivotal shift is set to influence market trends and could reshape the broader crypto ecosystem, particularly the altseason.\u201d<\/p>\n Founder and CIO of Dira Capital, Steven Cook, concurred<\/a>, stating earlier this week that despite all the recent chatter about Bitcoin dominance, \u201cthis move is likely close to being done.\u201d<\/p>\n \u201cWe may have a few more months of BTC Dom increasing to 60%+. But the time to have been making calls about BTC Dom was ~2 years ago.\u201d<\/p>\n Crypto markets have declined by a further 1.4% on the day, with total capitalization sinking to $2.11 trillion.<\/p>\n Bitcoin has reclaimed the $58,000 level during the Tuesday morning Asian trading session following a dip below it in late trading on Monday.<\/p>\n Ethereum is still struggling and could not climb above $2,300, trading at $2,289 at the time of writing.<\/p>\n The post Bitcoin Dominance Hits Multi-Year High: What Does it Mean For Altcoins?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" On Sept. 16, Bitcoin dominance hit 58%, according to Tradingview. This is the highest it has been since April 2021, following almost two years of steadily increasing. BTC dominance was below 40% in November 2022 following the collapse of FTX, which sent the asset tumbling to a low of $16,000 in the brutal bear market […]<\/p>\n","protected":false},"author":0,"featured_media":7240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7239"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7239"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7239\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/7240"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin Dominance to Dwindle?<\/h2>\n
Crypto Market Outlook<\/h2>\n