Bitcoin loses market dominance for the first time since 2018
For the first time since 2018, Bitcoin's dominance over the crypto market is below the 50% mark after Ethereum, its foremost rival records a new all-time high (ATH).
Currently at 49.52% at the time of publication, this loss is coming at a time when Ether, the native currency of the second largest crypto network Ethereum, reached a new ATH of $2,600 as reported by BTC Peers earlier today.
According to the famous crypto analysis platform, CoinGecko, Bitcoin's present market value is at $1.02 trillion against the total crypto market value of $2.13, with Ethereum accounting for about 14.61% market shares.
While Bitcoin started impressively this year after recording an ATH of $63,000 approximately a week ago, it is quite unfortunate that in the last few days, the premier coin has failed to retain that price even after several seals of approval from traditional asset management companies and apex banks.
With the price of Bitcoin expected to steep further, experts are predicting an altcoin take over, which according to them, is long overdue. These happenings remind us of the 2017 and 2018 crypto bull run which saw altcoins like Litecoin, XRP, and Ethereum take over the market.