While Bitcoin is falling again in response to Elon Musk’s Twitter account, altcoin dominance has reached its highest level in about three years.
As of this writing, Bitcoin accounts for 40.3% of combined crypto-asset capitalization – the lowest since June 2018, according to CoinMarketCap.
Bitcoin hit a market dominance lows of 33% in January 2018 as it cooled from its previous high while altcoins were just hitting theirs. It is currently not far from its second lowest level of 36% three years ago in May 2018.
The combined capitalization of altcoins is currently $ 1.25 trillion after hitting an all-time high of nearly $ 1.5 trillion last week.
Recently, Ethereum has seen a surge in its dominance, with the capitalization of Ether growing to around half that of Bitcoin and a dominance in the crypto market of over 19%. Ether also makes up 32% of the combined altcoin market capitalization.
Binance Coin occupies third place with 4% of the total cryptocapitalization, followed by Cardano with 3.3% and Dogecoin with 3%. In contrast, Binance Coin dominates the Altcoins markets with 6.7%, with Cardano dominating with 5.5% and Dogecoin with 5%.
Elon Musk may have deepened Bitcoin’s loss of dominance by hinting that Tesla is outsourcing its BTC holdings in a May 17 tweet, causing a 15% crash within 18 hours.
While Bitcoin is now down 35% from its all-time high of April 14th, some altcoins have seen weaker retreats, with Ethereum currently down 24% from its May 12th high of $ 4,350 on May 12th.
Some markets rebound despite the bearish metatrend, and Cardano rebounds to hit an all-time high of $ 2.45 on May 16.