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Ether (ETH) prices have surpassed the significant $2,000 mark following the Shapella upgrade this week, resulting in a decrease in Bitcoin (BTC) market dominance.
As per data from the analysis platform btctools.io, Ether’s market share rose to 19.8%, reflecting an increase of over 1.1% in the past 24 hours, while Bitcoin’s dominance fell by nearly 1%. Since the start of the year, ETH dominance has grown by 7.6%.
Bitcoin’s market dominance has decreased to 47.7% as Ethereum’s market share has expanded. The post-Shapella ETH surge has pushed BTC down from an almost two-year peak in market share.
BTC’s market share reached 48.8% on April 12 after its rise to $30,000, marking the highest level since July 2021 when it nearly hit 50%. Furthermore, BTC has not exceeded 50% dominance since April 2021.
According to TradingView data, Bitcoin’s dominance is still up 13.6% since the beginning of the year.
Chart illustrating Bitcoin’s dominance since late 2022. Source: Tradingview
The increase in market share for both BTC and ETH has come at the cost of altcoins, most of which have shown limited performance during the recent surge of the two leading coins.
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Bitcoin and Ether together account for approximately 68% of the total cryptocurrency market. About 10% consists of stablecoins, meaning the remaining 10,800 or so tokens, as listed on the price analytics site CoinGecko, hold a combined share of only 22%.
The market cap share of the leading coins over one month indicates a slight increase for ETH and a decline for BTC. Source: CoinMarketCap
Market dominance is determined by comparing an asset’s market capitalization to the total cryptocurrency market cap, which currently stands at an eleven-month high of $1.33 trillion.
Related: Bitcoin dominance approaches 50% as research highlights ‘bullish’ narrative shift
ETH prices have risen by 10.25% in the last 24 hours. Consequently, the asset reached an eleven-month peak of $2,122 during the morning trading session in Asia on April 14, according to Cointelegraph data.
The momentum for Ether has been fueled by a successful Shapella upgrade on April 12, which enabled the release of staked ETH on the Beacon Chain.
BTC has achieved a 2% gain for the day, hitting an intraday high of $30,862 during the morning trading session in Asia on April 14.
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