Bitcoin dominance has fallen to its lowest level in just over three and a half years since June 3, 2018, at 37%. Last year, at the end of March, Bitcoin’s dominance hovered above 60%, but since then, many of the digital asset market’s extremes in value have ballooned and gained prominence in market rankings along the way.
Bitcoin dominance drops below 38%
The cryptocurrency economy currently has approximately 12,247 crypto assets that are traded across 542 exchanges worldwide. Cryptocurrency markets are down more than 7% in the past 24 hours, dropping to $2.16 trillion by 8:00 AM (EST).
While people regularly measure the market capitalization of individual cryptocurrencies, Bitcoin’s dominance of market valuation, relative to the rest of the capital, has been measured since there are multiple crypto markets.
For the first few years, the dominance of BTC was well above the 90% range, in terms of market cap dominance. The dominance was further recorded during May 2013, and at that time, the dominance of BTC was 94%.
This was measured against crypto assets such as namecoin, novacoin, litecoin, terracoin, feathercoin and freicoin. Between May 2013 and February 2017, Bitcoin’s market dominance remained above 80%.
However, since February 26, 2017, Bitcoin has not been able to jump back above the 80% region and only managed to reach the 70% mark a little more than a year ago, last January.
11 currencies along with Bitcoin and Ethereum command over 20% of the cryptocurrency economy
BTC currently dominates at 37.7% while ethereum (ETH) is demanding 18.6%. While Ethereum is a formidable opponent, many other crypto capitals have been moving into the Bitcoin dominance territory.
Tether, binance coin, solana, usd coin, cardano, and xrp each account for more than 15% of the $2.18 trillion crypto economy. The aforementioned coins, along with terra, polkadot, avalanche, dogecoin and shiba inu, account for 20.63% of the cryptocurrency economy.
All of these coins, including Ethereum and SHIB removal, hold more than 1% or more in crypto market valuation dominance. Since January 2021, when the dominance of BTC was at 70%, countless altcoins have been dropping to the highest market cap of bitcoin.
What do you think about the low levels of bitcoin dominance today? Tell us what you think about it in the comments section below.
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