BTC Dominance Soars to 64.4% as ETH and Altcoins Struggle for Market Share

In a recent analysis by Glassnode, it was reported that Bitcoin’s market dominance surged to 64.4% on May 8th, reflecting a robust hold in the crypto landscape. Following this, Ethereum’s market share saw an uptick to 9.75%, marking an increase of 3%. Meanwhile, altcoins have adjusted to 22.35% (+2%), with stablecoins experiencing a decline to 6.3%. These fluctuations indicate a dynamic shift within the market, yet both Ethereum and altcoins currently lag behind their historical highs of 18% and 28.5%, respectively. This suggests that the ongoing bull market remains primarily characterized by Bitcoin’s performance, further solidifying its position as the leading asset in the crypto space.