Bitcoin’s price against the US Dollar (BTC/USD) has reached near the US$52,000 level on April 22, 2021. The weakness in its price continues as the largest cryptocurrency continues its corrective direction downwards after hitting an all-time high near the US$65,000 level a week back. As the BTC price dipped below the crucial US$53,000 level and then stabilized around US$54,000 level, traders are looking for the coveted altcoin rally.
This is a watershed moment for altcoins as Bitcoin is on the cusp of losing its market supremacy to the former. CoinMarketCap’s on-chain monitoring charts show that the market share of Bitcoin in comparison to the total global crypto market stood at 50.1%.
In 2021, altcoin prices increased at a faster rate than Bitcoin. This made the market share of Bitcoin fall sharply despite the fact that its price increased by around 85% YTD. If BTC loses the 50% mark then this will be the first time in more than 3-years. If we check the market behavior, we’ll see that every time the market share of Bitcoin fell below the 50% mark, the altcoin prices (led by ETH) increased rapidly. This has been seen in two cases earlier, both during mid-2017 and early-2018.
Experts believe that alt season is in the offing as the market gets ready to reshuffle in favor of altcoins.
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