While Bitcoin prices have risen in value over the past two weeks, Bitcoin dominance has slipped to lows that it hasn’t seen since the June 6 low of 41% and the decline to 39.97% on May 16, 2021 seen were leveraged, the dominance of Bitcoin was between 39.99% and 41.52%. While Bitcoin’s dominance has decreased significantly, crypto asset markets such as Ethereum, Cardano, Binance Coin and Tether have steadily increased a market dominance in terms of overall valuation among the 10,000+ coins in existence today.
While Bitcoin is slipping into the 40% range, Ethereum is climbing to 20% of the crypto economy
It is known that between the first calculation of Bitcoin prices (BTC) by market capitalization and through February 2017, BTC had a market dominance of more than 80% among all other coins for most of the time.
There was a case in 2014 where BTC fell to 77.9% in December and again to 76.42% in March 2016. After the March 2016 slump, there have been some quick cases of dominance levels dropping below 80%, but nothing like February 2017.
On February 19, 2017, BTC’s dominance slipped from 85.4% to a low of 37.84% in June 2017. From here, Bitcoin has never made it past the 80% grip since then, and in the September 2019 it rose above the 70% grip but only for a few days.
On March 1, 2021, BTC tapped the 70% mark again, but has since lost its market dominance again. One of the largest markets eating up the BTC cap is Ethereum (ETH), which according to Coingecko statistics holds a market dominance of 19.4%.
Messari.io says the ETH cap is 19.99% and coinmarketcap.com says the dominance is 20.1%. The market valuation of Ethereum is around $ 460 billion as of Sunday, September 5, 2021. Over the past 24 hours, these three aggregators show that BTC’s dominance fluctuated between 39.99% and 41.52%.
Bitcoin’s market valuation at the time of writing on Sunday, September 5, totals around $ 940 billion. Other coin market caps have seen massive gains and this has increased their dominance, especially the top ten digital currencies by market cap. Today, all ten coins in the top ten list dominate 80% of the entire crypto market economy, valued at $ 2.36 trillion.
The top ten markets by market capitalization today include Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Binance Coin (BNB), Tether (USDT), XRP, Solana (SOL), Dogecoin (DOGE), Polkadot (DOT.). ) and usd coin (USDC).
While ADA owns more than 4% of the total crypto economy in terms of dominance, BNB has 3.71%. The stablecoin tether is approaching the three percentile mark at 2.98% of the entire crypto economy. XRP is slightly lower than Tether at 2.21% and the new top ten contender Solana (SOL) has 1.79%.
In terms of the remaining top ten coins and the rest of the underlying cryptocurrency market caps ($ 472 billion) also add to the growing value of the entire crypto economy of $ 2.36 trillion. Crypto coins such as Fantom (FTM), Iota (MIOTA), Kusama (KSM) and IOST (IOST) have all recorded clear double-digit increases in the past seven days.
What do you think of Bitcoin’s dominance dropping to new lows? Let us know what you think on this matter in the comments below.
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