Bitcoin's market value once exceeded 57%! A three-year high

Panic selling broke out in Bitcoin over the weekend, falling from US$67,000 to US$61,000, dragging down the overall cryptocurrency market. Altcoins fell even more heavily, which in turn pushed up Bitcoin’s dominance has exceeded 57% of the market value, which is the first time in three years.

Data shows that when Bitcoin suffered a heavy blow over the weekend, most of the top 20 cryptocurrencies by market value fell by more than 15%, causing the cryptocurrency market share to move closer to Bitcoin. According to TradingView data, Bitcoin’s market value accounted for 57.12% on April 14, setting a new high since April 2021.

As of press time, Bitcoin’s market value accounted for 55.82%. This means that Bitcoin alone accounts for more than half of the overall $2.47 trillion cryptocurrency market, firmly maintaining its dominance in the market. According to data from Coingecko, Bitcoin currently has a market capitalization of $128 million.

Cryptocurrency trader Bagsy commented: "I don't usually pay attention to Bitcoin's dominance, but considering the large number of new altcoins being launched every day, this chart is impressive."

Another trader, Daan Crypto Trades, pointed out that the recent market retracement had little impact on Bitcoin, and that alternative coins were the real hardest hit, wiping out billions of dollars in open positions.

Historically, Bitcoin’s dominance tends to break through in the early stages of a bull market, but once the currency price falls into a long-term consolidation period, the market capitalization share of altcoins will catch up at this time.

Trader Mikybull Crypto believes that this will happen soon. He pointed out that "the market capitalization ratio of altcoins has completely followed the pace of the previous altcoin peak season."

This is the last shock before Bitcoin's explosive rise and the decline of Bitcoin's dominance.

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