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Ether (ETH) prices broke above the psychological level of $2,000 after Shapella upgraded this week and the result is a decline in Bitcoin (BTC) market dominance.
According to data from analytics site btctools.io, Ether’s market share soared to 19.8%, an increase of more than 1.1% in the past 24 hours, while Bitcoin’s dominance has slipped a little less than 1%. Year-to-date, ETH dominance has increased by 7.6%.
Bitcoin market dominance fell to 47.7% as Ethereum’s market share increased. The post-Shapella ETH rally knocked BTC off a nearly two-year high in market share.
BTC’s market share hit 48.8% on April 12 after rebounding to $30,000, the highest since July 2021, when it was just under 50%. Additionally, BTC has not been more than 50% dominant since April 2021.
Bitcoin dominance remains up 13.6% year-to-date, according to data from TradingView.
Chart plotting Bitcoin dominance since late 2022. Source: Tradingview
The rise in market share for BTC and ETH has come at the expense of altcoins, most of which have been lackluster during the recent rally in the two major coins.
Bitcoin and Ether combined make up around 68% of the total crypto market. Around 10% are stablecoins, which means that the roughly 10,800 other tokens, listed on price analysis platform CoinGecko, have a combined share of just 22%.
The market capitalization share of major coins over a month shows a slight increase for ETH and a decrease for BTC. Source: CoinMarketCap
Market dominance is calculated by comparing the market cap of assets to the total crypto market cap, which is currently at an eleven-month high of $1.33 trillion.
Related: Bitcoin Dominance Approaches 50% as Research Welcomes Bullish Narrative Reversal
ETH prices jumped 10.25% in the past 24 hours. As a result, the asset hit an eleven-month high of $2,122 during the Asian morning trading session on April 14, according to data from Cointelegraph.
Ether’s momentum was boosted by a successful Shapella upgrade on April 12 that released staked ETH to the Beacon Chain.
BTC managed a 2% gain on the day to hit an intraday high of $30,862 during the Asian morning trading session on April 14.
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