While bitcoin prices have gone up in value during the past two weeks, bitcoin dominance has gone down to lows not witnessed since the low of 41% on June 6, and the fall to 39.97% on May 16.
Depending on which aggregator looked at, bitcoin’s dominance was between 39.99% to 41.52%. Meanwhile, as the cryptocurrency’s dominance dropped greatly, crypto-asset markets such as ethereum and cardano have seen greater dominance, in terms of total valuation, steadily going up among the 10,000+ coins out there today.
As Bitcoin Goes to 40%, Ethereum Climbs Up the Crypto Ladder
It is well known that after the first bitcoin prices were calculated by market cap, and until Feb. 2017, Bitcoin had over a 80% market dominance compared to other coins, most of the time.
There was one instance in 2014, where Bitcoin lowered to 77.9% in Dec. and again in March of 2016 to 76.42%. After that dip, there were some instances of dominance levels going below 80%, but nothing like what we saw in Feb. 2017.
On Feb. 19, 2017, BTC’s dominance levels went down from 85.4% to a bottom of 37.84% in June of 2017. From here BTC has never managed to go over 80% and in Sept. 2019, it went above the 70% handle but for only for a few days.
On March 1, 2021, Bitcoin again tapped the 70% marker, but has since lost its market dominance yet again. One of the largest markets eating into Bitcoin’s cap is ethereum, which has a 19.4% market dominance as reported by Coingecko stats.
Messari.io says ETH’s value is 19.99% and coinmarketcap.com reports the dominance is 20.1%. Ethereum’s market value is about $460 billion this Sunday, Spe.t 5, 2021.
During the past 24 hours, these three aggregators reveal that BTC’s dominance has moved between 39.99% to 41.52%.
Bitcoin’s market valuation this Sunday is an aggregate sum of about $940 billion. Other crypto market caps have witnessed massive gains and this has increased their dominance, and more specifically the top ten cryptocurrencies by market capitalization. Today, all top ten coins have 80% of the whole $2.36 trillion crypto economy.
Author: Scott Dowdy