Bitcoin’s market dominance has surged to above 53% – the highest level in over two years. This comes amidst underperformance by Ether and other large altcoins relative to BTC in 2023.
- Bitcoin dominance has increased consistently throughout 2023, reaching levels last seen in April 2021 above 53%.
- Ether has significantly underperformed Bitcoin this year with ETH/BTC falling over 28% in USD terms.
- Some speculate that altcoins like Solana may be taking over from Ethereum as the next large altcoin cycle.
- Veteran trader Peter Brandt has shorted Ether and forecasts a drop to as low as $650.
According to the Bitcoin Dominance chart on TradingView t.co/76CciT3PE5, BTC dominance – its share of the total crypto market cap – has been on a steady rise since the start of 2023. The trend remains intact and has stayed well above the 200-day moving average.
Ether, the second largest cryptocurrency, has significantly underperformed Bitcoin this year. The ETH/BTC trading pair has fallen over 28% since January, from 0.0723 BTC per ETH to 0.0516 BTC per ETH currently.
— Peter Brandt (@PeterLBrandt) June 6, 2023
Possible Shift to Altcoins?
Some in the crypto community speculate that altcoins like Solana may be poised to take over Ethereum’s role as the largest altcoin in the next market cycle, as indicated by tweets like this one. However, it remains to be seen if such a shift will actually occur.