Bitcoin’s market cap dominance has surged to its highest level in three years, putting renewed pressure on altcoin prices. Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin’s share of the total crypto market cap reached 56.3% on April 12.
While Bitcoin’s price suffered a setback over the weekend, with BTC/USD dropping below $65,300, altcoins faced even worse conditions. Many of the top twenty cryptocurrencies by market cap fell more than 15%. As a result, altcoins lost market share to Bitcoin, making it the most dominant cryptocurrency in the market since April 2021.
Despite the recent market dynamics, some traders believe that altcoins will have their time to shine. Historically, during Bitcoin bull markets, altcoins tend to catch up once BTC/USD enters a period of consolidation. While altcoins have performed well in 2024 so far, they have not experienced a sustained period of outperformance. However, traders like Mikybull Crypto believe that this will change soon, as the altcoin market cap is following a similar pattern to previous altseasons.
It’s important to note that this article does not provide investment advice or recommendations. Investors should conduct their own research and analysis before making any investment decisions.