The Bitcoin (Btc.d) market dominance index has just dropped to a 2021 low and is currently at 39.73% according to TradingView.
The move was noticed by Jason Choi of Spartan Group, who tweeted the rankings on January 4.
$ BTC dominance just broke its 2021 bottom pic.twitter.com/enPNgshB1t
— Jason Choi (@mrjasonchoi) January 4, 2022
It is in stark contrast to Bitcoin’s dominance at the same time last year when Btc.d hit 73.6% on January 3, 2021. Since that time Btc.d has dropped 46% to its current levels.
Bitcoin dominance lowest since 2018
According to TradingView, Btc.d dropped to 39.48% on January 3. The last time Btc.d fell that low was in May 2018 when it dropped to around 39.18%.
In September 2021, BTC dominance also dropped below 40% before recovering.
This value was as low as January 11, 2018, when it dropped to around 35.5% after the major altcoin rally.
Low BTC dominance is often a signal that altcoins will begin to recover.
Ethereum’s market share has been steadily increasing since January 2020 and is currently 20.23% according to TradingView. ETH dominance hit a peak of 22.35% in early December but has been decreasing since then.
BTC and ETH combined make up about 60% of the total crypto market, less than Bitcoin’s market share in March 2021.
Outside of altcoins, stablecoins account for 7.15% of the total market capitalization, according to CoinGecko. High-cap altcoins like Binance Coin (BNB), Solana (SOL) and Cardano (ADA) have also increased their percentage of market share with 3.67%, 2.22% and 1.80% respectively.
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