Bitcoin Dominance Reaches Peak as Ethereum and Altcoin Growth Increases

Bitcoin’s dominance has reached its highest point in recent weeks, reaching a peak of 64.4% on May 8th according to data from Glassnode. However, this shift is accompanied by increased activity for Ethereum, which now holds an impressive 9.75% market share. This rise brings the altcoin sector’s dominance up to 22.35%, marking a growth of 2%. Stablecoins have also experienced a decline, falling to 6.3%. Despite this change, Ethereum and altcoins remain below their previous peaks of 18% and 28.5%, respectively, highlighting Bitcoin’s continued influence on the market.