Bitcoin
BTC$19 461.08

2.32%

Ethereum
ETH$1 338.47

2.67%

Tether
USDT$1.000063

0.01%

USD Coin
USDC$1.000039

0%

Binance Coin
BNB$281.85

3.22%

XRP
XRP$0.440696

2.69%

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 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 84.4% 23 $19 461.08 2.32% 1.73% $372 947 421 190 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 65.6% 71 $1 338.47 2.67% 3.37% $164 063 740 646 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 90.8% 1 $1.000063 0.01% 0% $67 960 467 972 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 91.2% 1 $1.000039 0% -0.01% $48 692 852 875 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 85.6% 15 $281.85 3.22% 5.15% $45 473 272 487 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 62% 83 $0.440696 2.69% 3.48% $21 991 040 706 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $0.999924 -0.01% -0.03% $21 040 625 882 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 81.2% 35 $0.436499 0.84% -4.04% $14 945 771 053 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 79.6% 30 $33.64 3.20% 4.33% $11 934 820 459 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 92.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 87.6% 16 $0.060348 1.02% 1.96% $8 006 449 796 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 70.8% 55 $6.46 2.17% 0.33% $7 245 669 390 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 92% 1 $0.999547 -0.01% -0.05% $6 861 465 670 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 70.8% 62 $0.747959 2.09% -0.35% $6 532 915 104 MATIC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 93.2% 5 $0.060063 2.18% 0.71% $6 107 005 130 WTRX 7 days price change

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