BTC seems to be losing its struggle to dominate the crypto market. According to the latest reports altcoins are becoming more competitive and setting a new record. BTC has just 41% of market share – its lowest since the beginning of 2022. Though Terra Luna collapsed earlier this year and dealt the altcoins sector a huge blow, this sector is rallying again.
This activity is taking place alongside BTC’s rally from a 1.5 year low when its price was pegged at $17600. Altcoins are enjoying a comeback and challenging BTC’s bull rally. Data indicates that BTC’s market share is at an 8-month low. ETH has stolen the limelight as is enjoying a huge rally with its market cap soaring to 19% from its previous capitalization of 14.3%. Market data indicates that the Season Index for altcoins has reached a score of 94 out of 100, which is bolstering market activity.
There is some controversy around the Merge that ETH plans to do in September. The forking planned by ETH has its token ETHW being traded below $100 over the last few days. At the time of this report’s publication, the ETH/USD pair lost 7% in value and the BTC/USD pair dropped over $1000 in value. This drop in value happened in just 24 hours.
Inflation and CPI data released by the US has caused a lot of nervous activity in the market as well. Those monitoring on-chain activity noted that an important played on the Bitfinex exchange sold off a lot of ETH. This sale is expected to reduce the company’s exposure to ETH on the idea that a downside was a foregone conclusion.