With the rising price of ETH and the new ATH, Ethereum is also increasing its dominance in the cryptocurrency market.
If you are monitoring the crypto market, in addition to rising prices, we also have another important indicator that analyzes the percentage of total market capitalization and thus the dominance of specific cryptocurrencies.
When we look at the graph we can see an almost direct correlation between Bitcoin and Ethereum. Proof of this is the situation on January 3 this year when Bitcoin began to lose dominance. At this particular time, on the other hand, Ethereum began to increase its dominance, and this situation continues to this day.
Bitcoin has lost almost 15% of its dominance since its January high (72.56%) to date, while Ethereum has increased its position by 59% from 10.36% to 16.49%.
Other cryptocurrencies that currently show a significant increase in dominance include Polkadot, Cardano and Chainlink.