Bitcoin’s market share has risen to one of its highest levels at 48%, up from around 30% in January after it peaked at 65% on December the 7th ahead of the launch of Bitcoin Futures.
Ethereum’s market share, in contrast, has fallen from a peak of 32% in June 2017 to now just 16%, halved in one year.
That makes it one of the lowest level for eth, with Ripple’s market share seeing a fall too, now standing at just around 7%, down from an all time high of 24% last year and from 18% in January.
Bitcoin Cash, likewise, has seen a fall from around 13% in November last year to now just about 5% of all cryptocurrencies.
Bitcoin’s recent gain in marketshare begun in May after cryptocurrencies begun falling following a mini-bull run in April.
That accelerated somewhat due to bitcoin ETF speculations, but the SEC’s decision to again reject the Winklevoss bitcoin ETF application dented ETF speculation.
A trend of sorts appears visible for much of this year so far. Bitcoin appears to be falling more slowly than other cryptos, thus it increases in market share, but when the market turns other cryptos appear to be more bullish, with bitcoin’s market share thus falling.
That might not necessarily indicate a pattern as there were relevant factors which might explain these movements in market share.
Bitcoin, moreover, appears to be falling faster than other cryptos today, down 7% to below $7,000 at the time of writing, while eth is down just 2%.
Whether a reversal in market share is afoot, therefore, is unclear at this stage, with bitcoin rarely seeing a higher than 50% market share, except for briefly, since it begun losing its dominance in 2016.
Just as it is unclear whether a predominantly bitcoin bear market will continue, or whether eth will take a lead and have its own bull run for the first time since spring 2017.