As Bitcoin’s price rose over the past two weeks, BTC dominance declined to near the 6 June lows at 41% after the 39.97% on 16 May this year. Cryptocurrency market aggregator shows that BTC’s dominance maintained between 39.99% and 41.52%. As BTC sees a significant dominance plunge, altcoins like Tether, Binance Coin, Cardano, and Ethereum have seen market cap upticks.
You probably know that Bitcoin has had a market dominance of over 80% until February 2017. Meanwhile, in 2014, the leading coin had its market dominance dropping to 77.9% and in 2016 March to 76.42%. The asset saw its market control declining beneath 80% few instances before the Feb 2017 plunges.
Since 19 February 2017, Bitcoin recorded its dominance sliding from 85.4% towards 37.84% as of June 2017. Since then, BTC has never seen the 80% dominance mark. Though, in September 2019, BTC dominance rose beyond 70% for some days before dropping again.
However, BTC had its market dominance touching the 70% mark again on 1 March this year. Meanwhile, the booming alt market had the leading coin losing its crypto dominance once more. For instance, ETH played a role in dragging BTC’s dominance down. CoinGecko’s stats show that Ethereum’s market dominance stands at 19.4%.
Messari.io shows ETH’s cap at 19.99%, while Coinmarketcap.com has the alt’s dominance at 20.1%. Today, 5 September, ETH’s market valuation hovers at $460 billion. The three price aggregators indicate BTC’s dominance at the 39.99% – 41.52% range over the past 24 hours.
While writing this content, BTC’s market valuation stands near $940 billion. However, most of the top ten currencies by market cap have registered massive gains, boosting their dominance. For example, the entire top-ten coins controlled 80% of the $2.36 trillion crypto market capitalization.
Top assets by market cap include ADA (+4%), BNB (3.71%), USDT (2.98%), XRP (2.21%), and SOL (1.79%). Meanwhile, the remaining coins contribute to the total crypto-economy standing at $2.36% trillion. Digital assets such as IOST, KSM, MIOTA, and FTM had double gains over the past seven days.
What do you think about BTC’s dominance exploring new lows? Feel free to share your opinions below.