After the approval of the spot Bitcoin ETF, the market dominance of Bitcoin has risen to 49.8%, while the shares of altcoins and stablecoins have declined

According to data disclosed by Glassnode, after the approval of spot Bitcoin ETF, Bitcoin is increasingly dominating overall. Compared to November 2022 when FTX exchange collapsed, BTC's market dominance has risen from 38.9% to 49.8%. On the other hand, ETH has also maintained its market dominance, currently ranging between 18.9% and 18.2%. The major cryptocurrencies that have lost market share in the cryptocurrency market are altcoins, whose market dominance has decreased from 28.3% to 24.2%, while stablecoins' share has also dropped from 13.9% to 7.8%.