BTC dominance is currently at 43%
That makes sense considering weve just had a strong run and its currently alt season. That said, considering how bullish BTC has been recently its low dominance isnt indicative of it weakening but rather more indicative of a saturated market.
Market caps for top 5 are as follows:
BTC - 43%
ETH - 19.5%
BNB - 4%
XRP - 2.61%
DOGE - 2.5%
Shit coins are popping up left right and centre, doge currently holds 2.5% market dominance, considering in the past few months doge has done X60 at least, doge alone has skewed market shares. Coins like ETC (ethereum classic) are rallying. For some reason theres an influx of meme coins like shibainu coin, safemoon, cumrocket etc etc. ETH is BTCs most likely competition (although personally I see BTC and ETH as the crypto oligopoly and coexisting not competing) but even its market dominance is only 19.5% and BNB (aka 3rd top coin) is only at 4% dominance.
The point I'm trying to make is market dominance right now, given the influx of memecoins and scam coins taking market cap, is not necessarily indicative of strength, currently I dare say its indicative of alt season and an oversaturated marker. Especially considering the rest of the market cap (35%) is dispersed between hundreds of coins.
Of course BTC wont necessarily stay on top, but in these weird times I'm not sure market dominance is quite indicative of a cause for concern. If ETH gets flipped I'll start to worry but till then I rest easy.
(all market cap figures have been taken from coin gecko)
(Market dominance refers to market share as a percentage)