Ether’s Post-Shanghai Rally Knocks Bitcoin Dominance From 21-Month High
Ether’s (ETH) fresh rally above $2,000 after the successful Shanghai upgrade late Wednesday, dropped bitcoin’s (BTC) dominance from an almost two-year record high, according to TradingView data. BTC’s dominance rate rose to as high as 49.06% early Wednesday, according to TradingView data, before retreating to 48.12% as ETH’s price rose. The last time the metric was around the 49% level happened in July 2021.
ETH dominance, on the other hand, surged to 19.87% on Thursday, marking a one-month high. The BTC dominance rate is the BTC market capitalization’s share of the total market cap of the cryptocurrency market. The metric is important to assess the relative strength of BTC, the largest cryptocurrency by market value, compared to the broader crypto market, or identify periods when altcoins outperform, also known as an altcoin season. Ether dominance, similarly shows the second largest cryptocurrency’s relative value to the crypto market.
Source
https://t.me/DeFi_Ethereum
