Ether (ETH) prices have surpassed $2,000 after the Shapella upgrade, resulting in a decrease in Bitcoin (BTC) market dominance.
According to btctools.io on April 14, Ether’s market share has risen by over 1.1% in the past 24 hours, reaching 19.8%. Since the start of the year, ETH dominance has increased by 7.6%, while Bitcoin’s market dominance has decreased by just under 1%. As Ethereum’s market share increased, Bitcoin’s market share has fallen to 47.7%, knocking BTC off an almost two-year high.
Bitcoin’s market share increased to 48.8% on April 12, reaching the highest it’s been since July 2021, although BTC has not been over 50% dominant since April 2021. According to TradingView data, Bitcoin’s dominance has increased by 13.6% since the beginning of the year.
The rise in BTC and ETH market share has come at the expense of altcoins, most of which have been lackluster during the recent surge of the top two coins. Bitcoin and Ether combine to represent approximately 68% of the total crypto market while stablecoins account for roughly 10% of the market. The other 10,800 tokens listed on CoinGecko have a combined share of only 22%.
Market dominance is calculated by comparing an asset’s market capitalization with the total crypto market cap, currently at an eleven-month high of $1.33 trillion.
Related: Bitcoin dominance nears 50% as research hails ‘bullish’ narrative flip
Following the Shapella upgrade on April 12, Ether (ETH) has surged 10.25% during the past 24 hours, reaching an eleven-month high of $2,122 during the April 14 morning Asian trading session. BTC has gained 2% on the day, reaching an intraday high of $30,862 during the same session.
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