- Bitcoin’s market share is at 52.45%, its highest since April 2021.
- Bitcoin dominance has been increasing since June, reversing altcoin gains.
- Bitcoin’s dominance fell from 60% to 40% during the March–April 2021 crypto bull market.
Bitcoin’s share of the overall cryptocurrency market has risen to its highest point since April 2021, currently sitting at 52.45%.
According to TradingView data, Bitcoin dominance has been trending up since breaking out of a months-long range between 38 and 48% in June. This move reversed altcoin gains made versus BTC in early 2021.
Technical analysis by Fairlead Strategies suggests the metric could continue climbing in the near term. Their long-term trend indicators also point to Bitcoin outperforming alternative cryptocurrencies.
Bitcoin dominance fell in April 2021
During the crypto bull market in March–April 2021, investors rotated capital from relatively expensive Bitcoin into altcoins, causing Bitcoin dominance to fall from 60% to 40%.
Now, the tide appears to be turning back in Bitcoin’s favor. Once dominance establishes support above 52%, analysts say key Fibonacci resistance around 60% will come into focus.
For altcoins, extended Bitcoin consolidation near 1-year highs could limit additional outperformance. The coming weeks will determine whether the altcoin-bitcoin seesaw tilts back towards BTC or balances out.
In the big picture, crypto market cycles have historically seen flows rotate between Bitcoin and altcoins as market leaders evolve. Ongoing dominance fluctuations could simply reflect a periodic reversion to Bitcoin strength after exuberance cooled.