Bitcoin market share surpasses 60%, as the market structure is being reshaped behind the widespread decline of altcoins

As of April 29, 2026, according to Gate market data, Bitcoin’s price remains stable above $77,000 USD, with the overall network market share rising to 60.5%. This level has not been seen since 2021. The continuous increase in market share is not solely driven by Bitcoin’s rise but is more due to the relative weakness of altcoins.

When Bitcoin’s price consolidates around $77,000 USD while most tokens fail to follow suit, a substantial change is occurring in market structure. A market share breakout above 60% is generally seen as a signal of increased capital concentration. Unlike the path in 2024, where Bitcoin led the rally alone and altcoins caught up afterward, currently, altcoins have not shown effective follow-through and are instead experiencing broad declines. This divergence indicates that buyer capital is more inclined to concentrate in Bitcoin rather than spreading across a wider range of crypto assets.

What does the widespread correction of altcoins reflect about capital rotation logic

Among the top ten tokens, only Dogecoin achieved positive returns over the past week, with a weekly increase of 5.5%, while the rest generally declined. This highly differentiated performance suggests that capital is not simply flowing out of Bitcoin into altcoins but is instead showing selective allocation characteristics.

From the general rules of capital rotation, an increase in Bitcoin’s market share usually corresponds to a contraction in risk appetite. Investors tend to prefer holding the most liquid and market-recognized assets in uncertain environments. The correction in altcoins is not entirely driven by negative news but is a proactive choice made after weighing returns against risks. When Bitcoin remains stable above $77,000 USD without breaking new highs, altcoins face pressure: they neither attract the same allocation demand as Bitcoin nor have independent catalysts for upward movement.

What factors contribute to Dogecoin’s 5.5% countertrend rise

In a generally declining market environment, Dogecoin is the only top ten asset to gain, with a weekly increase of 5.5%. This performance sharply contrasts with other altcoins. Dogecoin’s market-driving logic differs from most smart contract platform tokens or DeFi protocol tokens; its price fluctuations are more influenced by community sentiment, KOL statements, and retail capital flows.

When Bitcoin’s market share rises and causes most altcoins to lose value, Dogecoin’s independent rally indicates that the market is not entirely lacking risk appetite but is instead favoring certain high-visibility tokens with strong narratives. Dogecoin’s rise is not broadly representative; it more reflects the market’s pursuit of high-recognition assets during a stockpile phase. This structural feature means that even if Bitcoin’s market share remains high, individual tokens with independent narratives may still perform countertrend, but they are unlikely to reverse the overall altcoin market trend.

How to verify the “supply exhaustion” signal indicating changes in seller pressure

The current market structure shows signs of “supply exhaustion,” with seller pressure significantly lower than a few months ago. This can be understood from two perspectives: first, the willingness of holders to sell has decreased; second, the circulating supply on exchanges has reduced.

Bitcoin’s price remains stable above $77,000 USD without large-scale profit-taking. On-chain data shows that the outflow from long-term holder addresses is at historic lows, indicating that even at high prices, holders lack strong motivation to realize profits. Meanwhile, Bitcoin reserves on exchanges continue to decline, meaning the immediate sell volume available for trading has shrunk. With demand not showing obvious signs of weakening, the reduced seller pressure provides structural support for the price. However, it is important to distinguish that supply exhaustion is a bullish signal for Bitcoin but may not apply to altcoins, as their liquidity depth and holder structures differ significantly.

Why is capital continuing to concentrate in Bitcoin rather than dispersing into altcoins

The rise of Bitcoin’s market share to 60.5% reflects a process of ongoing capital concentration in Bitcoin. This phenomenon typically occurs in phases lacking new narrative-driven catalysts. From 2024 to 2025, Bitcoin was mainly driven by spot ETF capital inflows, halving expectations, and institutional allocation needs. Meanwhile, prior to this, altcoins experienced a rally driven by themes like AI, GameFi, Layer 2, and others.

As interest in these narratives wanes and no new major themes emerge, capital naturally flows back into the most consensus assets. Institutional capital tends to prioritize liquidity and compliance, in which Bitcoin has clear advantages. Additionally, the supply exhaustion structure of Bitcoin further reinforces its role as a store of value. For altcoins to regain capital attention, new products or applications with broad appeal need to appear; otherwise, the trend of capital concentration will be difficult to reverse in the short term.

What conditions are needed for the market to shift from high market share to a new altcoin rally

Historically, Bitcoin’s market share peaks usually require two conditions: first, Bitcoin’s price enters a consolidation or correction phase; second, altcoins develop independent growth logic. Currently, Bitcoin remains stable above $77,000 USD without accelerating or significantly retracing, making the trigger for capital switching unclear.

The arrival of an altcoin season requires clearer signals. First, Bitcoin’s market share must start a sustained decline from above 60%, indicating capital is leaving Bitcoin for other assets. Second, activity indicators for altcoins—such as on-chain transaction volume, new addresses, and Gas fees—need to recover. Currently, these indicators are still relatively low, suggesting market sentiment has not yet shifted toward active allocation into altcoins. Dogecoin’s independent rise alone is insufficient to change the overall pattern and should only be viewed as a localized hotspot.

Summary

As of April 29, 2026, Bitcoin remains stable above $77,000 USD, with a market share rising to 60.5%. Only Dogecoin among the top ten tokens gained 5.5% weekly, while others generally declined. The market shows signs of supply exhaustion, with seller pressure below historical levels. Capital continues to concentrate in Bitcoin, and altcoins lack independent narrative-driven rallies. For a new cycle of capital rotation, a decline in Bitcoin’s market share coupled with a rebound in altcoin activity indicators is necessary.

FAQ

Q: Does Bitcoin’s market share breaking 60% mean the altcoin season is completely over?

Not necessarily. A high market share mainly reflects current capital preferences and does not preclude future shifts. An altcoin season requires an independent growth logic as a catalyst, which has not yet appeared.

Q: Does supply exhaustion necessarily push Bitcoin to continue rising?

Supply exhaustion reduces seller pressure and is favorable for price stability, but upward movement still requires demand. If demand also declines, low supply alone may not lead to price increases.

Q: Is Dogecoin’s countertrend rise worth noting?

Dogecoin’s independent rally indicates some local risk appetite remains, but due to its unique driving logic, it is unlikely to signal a broader altcoin market recovery.

Q: How should investors judge when capital is shifting from Bitcoin to altcoins?

Observe two indicators: whether Bitcoin’s market share is steadily declining, and whether altcoins’ on-chain activity, trading volume, and other metrics are showing systemic rebounds. When both conditions are met, the confidence in capital rotation increases.

Q: Under the current market structure, do altcoins have no chance at all?

Not entirely. Opportunities are more concentrated in individual tokens with strong narratives or community support, and broad-based rallies are less likely.