Bitcoin dominance, the measure of bitcoin’s overall market cap against all other crypto asset valuations, has fallen significantly in recent weeks. In late February, bitcoin’s dominance began to decline from 61% to today’s 50%. Meanwhile, ethereum’s market capitalization has risen from 11.8% to its current 14.5% from the same time.
Bitcoin dominance drops to 50%
Since the birth of alternative crypto assets, people have used a statistic called bitcoin (BTC) dominance, a measure that records the full capitalization of BTC against all market capitalizations of other coins.
Interestingly, after a few minor dips, BTC’s dominance was above the 80% range from the day it was conceived to February 2017.
During the first week of January 2018, BTC’s dominance fell to an all-time low of 33%. This year, bitcoin’s dominance tended to be above the 60% region, and by January 2021, it approached 70%.
However, since February 28, BTC’s dominance has fallen from 61% to a low of 50% on April 23. At the same time, ethereum (ETH) has risen from 11.8% to 14.5% from February 28 to now.
A large number of competitors are pushing Bitcoin’s dominance down
Ethereum’s market cap isn’t the only currency wiping out BTC’s dominance. Binance coin has taken third place in terms of crypto market valuations, owning 4.33% of the crypto economy’s total $ 1.87 trillion market cap.
The stablecoin tether (USDT) has 2.8%, XRP 2.25% and cardano (ADA) 1.9% today. The top 15 position occupied by solana (SOL) and all the way to seventh position dogecoin, controls .50% of the entire crypto economy or more.
From October 2020 to today, total crypto capitalization excluding bitcoin has skyrocketed from $ 145 billion to nearly a trillion. A large number of coins have risen alongside BTC’s climax, but a few coins have generally eaten a lot more than most.
Tokens such as ethereum, binance coin, cardano, XRP, and tether (USDT) have also done the most damage to BTC’s dominance levels.
What do you think of BTC’s dominance levels falling to record lows for 2021? Let us know what you think about this topic in the comments section below.
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