Ether (ETH) prices have breached the psychological $2,000 level following Shapella’s rally this week and the result is a decline in bitcoin (BTC) market dominance.
According to data from the analysis site btctools.io, Ether’s market share had risen to 19.8%, an increase of more than 1.1%, in the last 24 hours at the time of writing on April 14, while bitcoin’s dominance had fallen by just under 1 %. Since the beginning of the year, ETH dominance has increased by 7.6%.
Bitcoin’s dominance has fallen to 47.7%, while Ethereum’s market share has increased. ETH’s post-Shapella rally sent BTC falling from a nearly two-year high in terms of market share.
BTC’s market share reached 48.8% on April 12 after its rally to $30,000, the highest level since July 2021, when he was at the gates of 50%. Furthermore, BTC has not surpassed 50% dominance since April 2021.
Bitcoin dominance remains at 13.6% since the beginning of the yearaccording to data from TradingView.
The rise in market share of both BTC and ETH has come at the expense of altcoinsmost of which have been lackluster during the recent rally of the two major currencies.
Bitcoin and Ether combined make up around 68% of the total cryptocurrency market. About 10% of the market is stablecoins, meaning that the other 10,800 tokens, as listed by price analytics platform CoinGecko, have a combined share of just 22%.
Market dominance is calculated by looking at the market capitalization of an asset compared to the total market capitalization of cryptocurrencies, which currently sits at an eleven-month high of $1.33 trillion.
Ether (ETH) is up 10.25% in the last 24 hours. As a result, the asset hit an 11-month high of $2,122 during the Asian session on the morning of April 14.according to data from Cointelegraph.
Ether’s momentum has been spurred by a successful Shapella upgrade on April 12, which released ETH staked on the Beacon Chain.
BTC has achieved a 2% gain on the day, hitting an intraday high of $30,862 during the Asian session on the morning of April 14.
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