Crypto Rally and Stock Market Boom Push Bitcoin Dominance Below 60%

Ether Surges as Bitcoin Market Share Slips Below 60% Amid Fed Rate Cut Bets

Bitcoin’s dominance has dipped below 60% for the first time since February, as Ether and broader altcoins lead the latest leg of the digital asset rally. The shift comes amid mounting expectations of a Federal Reserve rate cut next month and a broad risk-on environment across crypto and equities.

Bitcoin’s market capitalization now sits at $2.39 trillion, while total crypto market value has surged past $4 trillion, setting a new record. The decline in BTC’s share of the overall market reflects a strong rotation into Ether (ETH), which climbed above $4,600 — its highest level since late 2021.

The last time BTC dominance fell this low, bitcoin was trading below $100,000 — underscoring how much altcoins have outperformed in recent weeks.

U.S. equities are also on a tear, with both the S&P 500 and Nasdaq 100 posting new all-time highs. At the same time, the U.S. Dollar Index (DXY) has dropped below 98, creating additional tailwinds for risk assets.

Markets are now fully pricing in a rate cut at the Fed’s September 17 meeting, which would lower the target range to 4.00%–4.25%. The dovish pivot follows mixed inflation data: headline CPI came in cooler than expected, but core inflation remains sticky — leaving some uncertainty around the Fed’s policy path later this year.