Bitcoin’s market dominance now stands above 50% as Ether and other major altcoins underperform.
The broader crypto market is currently bearish due to the geopolitical uncertainty in the Middle East.
Bitcoin’s market dominance now stands at 50.3%
Bitcoin, the world’s leading cryptocurrency by market cap, has seen its market dominance increase in recent years. BTC’s market dominance now stands at 50.3%, a three-month high for the cryptocurrency.
This latest cryptocurrency news comes as Ether and other major cryptocurrencies have underperformed in recent days. Ether has seen its market dominance decline from 19% to around 17% over the last few months.
Ether’s market dominance has been declining despite the Ethereum Merge upgrade going live a few months ago. Ether has underperformed compared to Bitcoin since Ethereum transitioned into a proof-of-stake protocol.
Altcoins have been facing massive pressure from sellers in recent days. However, analysts believe that Bitcoin held its support above $27k.
If Bitcoin breaks past the $28k resistance level, it might rally above the $30k level in the near term.
Altcoins might face further selling pressure in the short term if the current trend is sustained. BNB and XRP have maintained their market dominance level of around 3% and 25%, respectively, over the past six months.