Bitcoin Dominance has been in a consistent drop today and plunged to 45.11% with a quick downside wick. After the Ethereum London Hard Fork was implemented, Bitcoin started to dominate.
Today was the Ethereum day as it made history by doing a necessary upgrade by implementing updates to lower the transaction fees. Traders invested in and the price pumped above the $2,800 mark. Due to this most important event, Ethereum won all attention and the dominance rose to 20.57%.
However, as the Hard Fork was implemented, the dominance started to fall, and right now it’s near 19.87%.
Alternatively, the money flow from Ethereum went to Bitcoin. As seen in the chart below, Bitcoin dominance from 49% is in a down trend since July 21 and dropped to the low of 45%. The trend line is now broken after a long time, thanks to Ethereum which help hold the price bullish, it rose to 46.45%.
Bitcoin Dominance: Ethereum flipping Bitcoin?
Ethereum has been consistently making green candles in the last 12 days which is longest in the history. Not only this it, for a great deal of time, took a great chunk from Bitcoin Dominance, which is pretty surprising and ultimately signals a potential threat to the monopoly of Bitcoin.