Bitcoin Crypto Market Dominance On Verge Of Slipping Below 50% As Dogecoin, Other Minor Alts Charge Ahead

Bitcoin’s (BTC) market dominance is teetering on the verge of falling below 50% even as Dogecoin (DOGE) and other altcoins grow in stature.

What Happened: BTC had a dominance of 50.15% near press time. The number one cryptocurrency by market capitalization traded 1.27% higher at $50,686.32 at press time on Sunday night.

Percentage of Total Market Capitalization In Terms Of Dominance. Source 

Ethereum (ETH) — the next largest cryptocurrency by market cap — had a market dominance of 14.65% around press time, while DOGE enjoyed dominance of 1.76%. Other cryptocurrencies had a market dominance of 18.73%.

ETH traded 8.45% higher at $2,414.13 at press time, while DOGE traded 1.63% lower at $0.26.

At the beginning of April, BTC, ETH, and DOGE had a market dominance of 56.45%, 10.91%, and 0.35% respectively. Other cryptocurrencies had a dominance of 21.45%.

Why It Matters: Bitcoin’s market dominance has not fallen below the 50% mark in three years and this could usher in the so-called altcoin season. 

Analyst Michaël van de Poppe predicted a “very bullish” summer for alt-coins previously, a sentiment echoed by some others on social media.

Meanwhile, gains in several cryptocurrencies associated with Decentralized Finance or DeFi and smart contracts have outpaced BTC — seen by some investors as digital gold — in terms of year-to-date returns.

See Also: 5 Best-Performing Cryptocurrencies Of Q1 (No — Bitcoin, Dogecoin Don’t Make The Cut)

BTC has soared 74.5% since, while ETH has risen 225.33%. Cardano (ADA) has shot up 527.70% in the same time frame.

Solana, (SOL), Uniswap (UNI), AAVE (AAVE), and Polkadot (DOT) have shot up 3,011.92%, 752.86%, 354.46, and 318.4% respectively.

Read Next: Apple, Other FAANG Stocks Can Now Be Traded In DeFi Alongside Tesla: What You Should Know

© 2021 Benzinga does not provide investment advice. All rights