Bitcoin’s dominance in the cryptocurrency market has reached its highest level in three years, putting renewed pressure on altcoins. On April 12, Bitcoin’s share of the total market cap spiked to 56.3%, according to data from Cointelegraph Markets Pro and TradingView. While Bitcoin’s price suffered a liquidation cascade that brought it below $65,300, altcoins faced even worse conditions, with many of the top twenty cryptocurrencies by market cap falling over 15%. As a result, altcoins lost market share to Bitcoin, making the crypto market more Bitcoin-centric than it has been since April 2021. Traders and analysts have noticed the stark difference in performance between Bitcoin and altcoins in recent days. Bitcoin’s minimal decline and overall downside were seen as less relevant compared to the significant hit experienced by altcoins. However, there is still hope for an “altseason” where altcoins catch up to Bitcoin’s dominance. Historically, Bitcoin bull markets have seen altcoins gain momentum after a period of consolidation for BTC/USD. While altcoins have performed well in 2024, they have not yet experienced the conditions for a sustained altseason. Nevertheless, traders like Mikybull Crypto believe that change is on the horizon and that altcoins’ market cap will soon follow the steps of previous altseasons. It’s important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any investment decisions.
Altcoins under pressure as Bitcoin dominance reaches highest level in 3 years