Bitcoin dominance drops from 21-month high as Ethereum rises after “Shanghai” | coindesk JAPAN

Following the successful “Shanghai” upgrade late April 12 UTC, TradingView data shows Ethereum (ETH) surges above $2,000 to overwhelm Bitcoin (BTC) dominance. It fell from its highest level in almost two years.

BTC dominance climbed to 49.06% at the beginning of the 12th before falling to 48.12% as ETH price rose. According to TradingView, BTC dominance was above 49% for the first time in about 21 months since July 2021.

Meanwhile, ETH dominance rose to 19.87% on the 13th, its highest level in a month.

BTC Dominance is the ratio of the market capitalization of BTC to the market capitalization of the cryptocurrency market. It is used to assess the relative strength of BTC relative to the cryptocurrency market as a whole and to identify periods of altcoin outperformance (also known as altseasons). ETH Dominance similarly indicates the relative value of ETH to the cryptocurrency market.

ETH successfully underwent a major upgrade dubbed “Shanghai (or Chapela)” late on the 12th, driving its price up. In relative terms, BTC dominance in the cryptocurrency market has declined. Around 7:00 on April 17, Japan time, it further decreased to 47.16%.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: TradingView
｜Original: Ether’s Post-Shanghai Rally Knocks Bitcoin Dominance From 21-Month High