Bitcoin dominance tends towards 50%
While the price of Bitcoin has set new all-time highs on a regular basis since the start of the year (a performance of nearly 100% in the first quarter of the stock market), the measure of its dominance continues to decline, a fall of 70 % to 54% at the time of this writing.
Recall that Bitcoin dominance represents its relative weight in the crypto market capitalization which, by the way, reached $ 2.2 trillion this week, or as much as Apple stock.
There is no need to worry about the decline in Bitcoin's dominance, on the contrary. This means that altcoins are outperforming and gaining in relative weight, indicating a global adoption of the crypto market and not just of the leader. On a technical level, the euro bitcoin trend remains bullish with this week breaking its all-time highs.
Bitcoin Dominance Daily Chart
Ether commits $ 3,000 target for end of May
The decline in Bitcoin dominance allows some majors to take over, particularly the XRP token and BNB in recent weeks. But this week, it’s Ether’s turn to signal outperformance with the net surpassing its recent all-time highs. The price of ethereum euro is again in price discovery and should join the theoretical resistance at € 2,500 ($ 3,000) before the end of May according to the teachings of the ETH options market; naturally this is only a probability model.
Chart showing Japanese weekly and daily Ether candles