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Bitcoin Dominance Inches Closer to 50 Percent as BTC Revisits $40K

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Wed, 07/28/2021 - 05:05
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Alex Dovbnya
Bitcoin dominance has spiked to the highest level since early May
Bitcoin Dominance Inches Closer to 50 Percent as BTC Revisits $40K
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Bitcoin’s market share has spiked to 49.15 percent, its highest level since May 3, according to TradingView data.  

BTC
Image by tradingview.com

However, it is still down nearly 33 percent from its Jan. 3 peak of 73.68 percent.

The flagship cryptocurrency has been leading the recent recovery, far outperforming top altcoins.   
   
Earlier today, Bitcoin once again revisited the $40,000 level after it got hit by Amazon dispelling rumors about its immediate plans to accept cryptocurrencies.

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Bitcoin dominance dropped below 50 percent for the first time since 2018 in late April after its stunning rally came to a halt and the market shifted its focus to alternative cryptocurrencies.     

Over a one-month from Apr. 16 to May 16, Ether managed to gain a whopping 108 percent again Bitcoin, reviving the “flippening” narrative that was dominant during the previous bull market.       

While the forthcoming “London” hard fork is viewed as a major catalyst for Ethereum, the second-largest cryptocurrency, the ETH/BTC pair continues to remain under pressure.

It has now dipped to 0.057, its lowest level in more than a month.

Ethereum is now alone. Every single major altcoin, including Cardano, XRP, and Dogecoin, is down against the king as the market is seemingly leery of risk-on bets.  
 
DeFi “blue chips,” such as Uniswap and Solana, are currently flat.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.