BTC currently makes up 41% of the total crypto market cap — its smallest market share since January.
Bitcoin (BTC) is facing fresh competition from altcoins this month as data shows that — technically — it is already "alt season."Figures from CoinMarketCap and TradingView show that BTC currently makes up around 41% of the overall crypto market capitalization — its lowest since the start of 2022.Bitcoin sheds market cap prowessAfter suffering at the hands of the Terra LUNA — now renamed Terra Classic (LUNC) — collapse, altcoin markets have rallied considerably in recent months. Alongside Bitcoin's return from 18-month lows of $17,600 in June, altcoins have enjoyed their own renaissance, one tha is now giving Bitcoin bulls a run for their money. According to CoinMarketCap, Bitcoin's market cap share is now at its lowest since mid-January, with the largest altcoin Ether (ETH), in particular, stealing the limelight in recent weeks.From lows of 14.3% on June 19, Ethereum's market cap dominance now stands at 19%.Bitcoin market cap dominance 1-week candle chart.