Bitcoin's (BTC) dominance in the cryptocurrency market is at its highest in three years, and altcoins are experiencing price pressure. 📉

Data from Cointelegraph Markets Pro and TradingView show that Bitcoin's share of the total cryptocurrency market capital reached 56.3% on April 12.

Altcoins faced "real damage" after the price of BTC fell. Most of the top 20 cryptocurrencies by market capitalization are down more than 15%.

However, altcoins have lost market share to Bitcoin, and the recent highs are Bitcoin's heaviest since April 2021.

Trader Daan Crypto Trades noted the difference in the drawdown between Bitcoin and altcoins in recent days. “The real damage was done to the altcoin sector, which wiped out billions of open interest and caused candles of up to 50%.”

However, hopes for an “altcoin season” remain.