Bitcoin’s market share has spiked to 49.15 percent, its highest level since May 3, according to TradingView data.
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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.
Arman Shirinyan
Dan Burgin
Alex Dovbnya
Denys Serhiichuk