Ethereum Market Share Hits 5-Year Low Despite Bullish Cycle: Is BTC Stealing the Spotlight?

Ethereum dominance falls to 8%, its lowest since the COVID crash, as Bitcoin attracts more capital amid macro shifts and weak ETH momentum.

Ethereum Dominance Hits Post-COVID Lows: Is ETH Losing to Bitcoin?

Ethereum [ETH], once hailed as the most promising altcoin, has emerged as one of the weakest high-cap performers of Q1 2025. While its recent price correction has attracted attention, a deeper concern lies beneath the surface: Ethereum’s market dominance has plunged to just 8%, its lowest level since the 2020 COVID-driven crash.

Unlike 2020, when ETH staged a rapid recovery and reclaimed a double-digit dominance share in Q2, this time appears different. Technical indicators suggest deeper challenges. The Relative Strength Index (RSI) remains anchored in oversold territory and has failed to reset, despite ETH trading at a two-year price low.

This indicates persistent risk-off sentiment surrounding Ethereum, deterring fresh retail inflows and capping upward price momentum. Given the current structure of the market, a 2020-style dominance rebound appears increasingly unlikely.

📉 Structural Weakness Beyond Price

The broader landscape reveals more troubling signs. AMBCrypto’s long-term dominance chart shows a consistent downtrend for Ethereum since mid-2024, despite historically bullish conditions. Events that typically support altcoins—such as Bitcoin’s post-halving momentum, a favorable Trump rally narrative, and three rate cuts by the Federal Reserve—have failed to reverse ETH’s downward dominance trend.

Despite gaining 47% annually by the end of 2024, Ethereum’s market share declined by 4%, falling to 12% by Q4. This signals a continued loss of confidence relative to other crypto assets, most notably Bitcoin.

🪙 Bitcoin Grows Stronger

During the same period, Bitcoin’s dominance surged from 54% to 61%, pushing its market capitalization to nearly $2 trillion for the first time ever. The capital rotation into Bitcoin, driven by macro uncertainty and institutional appetite for a risk-off digital asset, continues to drain liquidity from Ethereum and other altcoins.

This trend is accelerating in 2025. Institutional demand remains heavily skewed toward BTC, while ETH-focused ETFs continue to suffer outflows. This imbalance reveals weakening conviction in Ethereum’s near-term value proposition.

📉 Ethereum Losing Its Edge

As global markets remain volatile and investor sentiment cautious, Bitcoin is rapidly solidifying its role as the preferred hedge against fiat instability and geopolitical unrest. Meanwhile, Ethereum struggles to maintain its position, even as the broader crypto market expands.

Ethereum’s dominance chart paints a stark picture: a gradual erosion of influence that no longer aligns with the asset’s prior reputation as a leading Layer-1 solution.

Whether Ethereum can mount a comeback remains to be seen. But for now, it’s clear that the spotlight has shifted.

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