Bitcoin Dominates Market Share, Ethereum Hits Record Low
Bitcoin’smarket share has surpassed 63%, increasing by 4.6 percentage points in Q1 2024, showing its increasing dominance as investors flock to it as a stable asset.
$ETH market share has dropped to 7.2% as of April, approaching its all-time low of 7.09% in September 2019.
Contributing factors include low institutional demand, ETF fund outflows, and the rise of competing Layer-1 blockchains.
Total Value Locked (TVL) Trends
Ethereum's TVL share fell from 61.2% in February 2024 to 51.7%.
XRP saw a 200% increase in TVL share, driven by expectations around its SEC lawsuit settlement.
$BNB and Solana ($SOL ) also experienced significant growth, with BNB up 40% and SOL up 172%.
This data highlights the growing shift towards Bitcoin and the challenges faced by Ethereum in maintaining its dominance in the digital asset market.
