Bitcoin
BTC$43 287.80

2.05%

Ethereum
ETH$3 010.99

3.55%

Cardano
ADA$2.27

-3.89%

Tether
USDT$1.000700

-0.08%

Binance Coin
BNB$346.18

-1.47%

XRP
XRP$0.947086

0.59%

Bitcoin dominance is about to drop below 50% for the first time in 3 years


22 Apr 2021   #Bitcoin

A weakening Bitcoin presence could give altcoins the moonshot they have waited for for three years. Bitcoin (BTC) revisited recent lows near $52,000 on April 22 as sustained weakness continued for the largest cryptocurrency.

Traders await altcoin "magic"

Cointelegraph Markets Pro and Tradingview revealed a lackluster day for BTC traders as BTC/USD briefly dipped below $53,000 before stabilizing around $1,000 higher.  The move came as Bitcoin was about to lose its market cap dominance supremacy to altcoins in what traditionally marks the "real" start of "alt season."

Charts from on-chain monitoring resource CoinMarketCap showed that as of Thursday, Bitcoin's share of the overall cryptocurrency market cap stood at just 50.1%. Having decreased sharply this year despite its own price gains, Bitcoin's market cap share versus altcoins looked set to break through support which has held for over three years.

Looking at historical behavior, each time Bitcoin loses the 50% mark, altcoins rapidly move in to pick up the slack, often led by Ether (ETH). The reshuffling thus sparks an altcoin run which truly fits the description of "alt season" — rapid gains to a peak, followed by a cooling-off period as Bitcoin regains some lost ground. This was the case in both mid 2017 and early 2018.

Should history repeat itself, it would be music to the ears of altcoin investors, many of whom have long claimed that "alt season" is already underway but has yet to show its true colors. A race to the top this time around could surprise even them, meanwhile, as many altcoins have already put in unbelievable performances in 2021. "BTC dominance 51.6%. The magic starts when 50% breaks," popular Twitter account CryptoBull summarized last week.

Market breaks Dogecoin's spell

At the time of writing, Ether in particular was showing no signs of weakness in the face of fresh wobbles for BTC/USD, gaining 6% in 24 hours to approach $2,500 once again. Others were less optimistic, with the top 50 cryptocurrencies mostly down on the day. Dogecoin (DOGE), previously the star of the show, continued its slip after hitting all-time highs of $0.44 on some exchanges. DOGE/USD was already down 40% versus the high on Thursday.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 81.2% 35 $43 287.80 2.05% -8.49% $814 966 927 933 $32 680 812 854
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 49 $3 010.99 3.55% -9.89% $354 338 554 947 $21 802 081 769
3 Cardano (ADA) ADA Cardano predictions 62.4% 80 $2.27 -3.89% -2.90% $72 613 126 112 $5 577 581 472
4 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000700 -0.08% -0.03% $68 590 944 713 $79 368 686 289
5 Binance Coin (BNB) BNB Binance Coin predictions 66.4% 69 $346.18 -1.47% -14.62% $58 205 321 046 $1 873 086 247
6 XRP (XRP) XRP XRP predictions 72% 52 $0.947086 0.59% -10.97% $44 245 636 148 $3 503 428 805
7 Solana (SOL) SOL Solana predictions 66.8% 73 $137.06 -1.92% -13.76% $40 744 147 032 $2 455 458 712
8 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000483 -0.05% -0.03% $31 006 963 781 $3 830 168 851
9 Polkadot (DOT) DOT Polkadot predictions 67.6% 69 $29.44 -3.25% -12.15% $29 070 856 010 $2 592 379 334
10 Dogecoin (DOGE) DOGE Dogecoin predictions 62% 77 $0.205929 -0.86% -12.64% $27 068 780 737 $1 515 174 486
11 Avalanche (AVAX) AVAX Avalanche predictions 61.2% 87 $68.09 -3.41% -4.08% $14 998 710 235 $1 234 318 562
12 Terra (LUNA) LUNA Terra predictions 69.2% 59 $36.34 -4.22% 4.95% $14 536 281 852 $1 625 437 616
13 UniSwap (UNI) UNI UniSwap predictions 65.6% 74 $23.42 20.32% -1.22% $14 325 624 849 $1 167 934 535
14 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $1.000303 -0.07% -0.05% $13 693 477 670 $5 597 328 153
15 Chainlink (LINK) LINK Chainlink predictions 67.2% 70 $25.06 10.18% -9.97% $11 403 176 618 $2 018 605 273

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