Bitcoin
BTC$30 127.85

-3.00%

Ethereum
ETH$2 045.64

-3.49%

Tether
USDT$0.998905

-0.01%

USD Coin
USDC$1.000390

0.04%

Binance Coin
BNB$301.61

-1.74%

XRP
XRP$0.430207

-2.88%

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 65.6% 75 $30 127.85 -3.00% -1.46% $573 691 120 758 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.6% 77 $2 045.64 -3.49% -9.90% $247 127 888 676 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.998905 -0.01% -0.10% $75 669 201 846 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000390 0.04% 0.05% $52 067 570 451 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 64% 71 $301.61 -1.74% 0.09% $49 245 541 999 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 65.2% 70 $0.430207 -2.88% -13.13% $20 797 523 991 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 68.4% 68 $0.564719 -5.93% -8.41% $19 053 066 566 ADA 7 days price change
8 Solana (SOL) SOL Solana predictions 64% 80 $54.87 -3.76% -14.19% $18 504 202 384 SOL 7 days price change
9 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $1.001802 0.01% 0.14% $18 030 500 141 BUSD 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 61.6% 75 $0.089226 -2.37% -15.15% $11 837 628 956 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 60.4% 77 $10.85 -5.25% -0.79% $10 719 658 670 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 64% 79 $33.45 -4.80% -20.93% $9 001 419 724 AVAX 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 63.6% 75 $30 106.86 -3.05% -1.48% $8 550 465 811 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 68.4% 61 $0.069877 -1.90% -8.63% $6 831 881 782 TRX 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64% 78 $0.000012 -3.50% -14.12% $6 733 612 508 SHIB 7 days price change

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