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Bitcoin (BTC) market cap dominance has hit its highest level in three years as altcoins feel renewed price pressure.

Data from Cointelegraph Markets Pro and TradingView shows Bitcoins share of the total crypto market cap spiking to 56.3% on April 12.

BTC price action suffered into the weekend with a liquidation cascade bringing BTC/USD below $65,300.

At the same time, however, altcoins faced much worse conditions, data shows many of the top twenty cryptocurrencies by market cap fell more than 15%.

In so doing, altcoins relinquished crypto market share to Bitcoin, and the recent highs mark the most Bitcoin-heavy crypto market since April 2021.

I dont typically look at Bitcoin dominance, but the chart is impressive considering the amount of new altcoins birthed into the market every day, popular trader and social media commentator Bagsy wrote in a response on X.

Fellow trader Daan Crypto Trades was among those noting the difference in drawdown between Bitcoin and altcoins in recent days.

Yes, the actual hit on $BTC was very minimal and the total downside also wasnt very relevant, he told X followers while discussing Bitcoin open interest.

Historically, Bitcoin bull markets tend to see a dominance breakout in their early stages, with altcoins then catching up once BTC/USD sees a prolonged consolidation period.

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So far in 2024, altcoins, while performing well, have not witnessed such conditions for a meaningful length of time.

Forecasting what might come next, however, fellow trader Mikybull Crypto argued that change would soon come.

Altcoins market cap is perfectly following the previous Alts season step, he wrote in part of an X post.

An accompanying chart compared Bitcoin and altcoin dominance, drawing comparisons with the end of 2020 the point at which BTC price action had just escaped its previous macro trading range below $20,000.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin dominance hits 3-year high as BTC price dip pressures altcoins - Cointelegraph