Bitcoin price has been hovering below the $ 60,000 area for the past week, and digital currency advocates are wondering which direction the market will head next. At the time of writing, the crypto economy is valued at $ 2.81 trillion and Bitcoin’s market dominance has dipped below the 40% region for the past few days.
Bitcoin dominance drops to 39.7% while Ethereum dominance dominates 19%
The price of Bitcoin (BTC) hit $ 69,000 on November 10, and six days later, on the 16th, the price fell below the $ 60,000 zone and has not returned via that region since. Today, according to crypto coin market aggregators, around 11,117 coins are traded on 525 cryptocurrency exchanges. The value of all 11,000+ crypto coins in existence is around $ 2.81 trillion and has grown 3.9% in the past 24 hours.
Bitcoin (BTC) has a total market cap of around $ 1.1 trillion and as of Thursday November 25th, BTC dominance is 39.7%. BTC’s dominance hasn’t been that low since mid-May 2021 or about six months ago. The last time it was below 40% before the mid-May decline was three years ago on June 17, 2018. Statistics from Coingecko.com show that the second most important crypto asset, Ethereum (ETH), has around 19% of market dominance on Thursday. Ether has a market valuation of approximately $ 525 billion at the time of writing.
While Ethereum (ETH) has a significant amount of dominance, a number of other crypto assets in the top 20 positions have also increased in value and increased their own dominance. Binance Coin (BNB) dominates 4.02% of the crypto economy of $ 2.78 trillion and the stablecoin Tether (USDT) accounts for 2.74%. Solana (SOL) has grown in value this year and SOL currently holds 2.43% of the total value of the crypto economy. Cardano (ADA) is another to hold more than 2% as ADA’s market valuation is 2.13% of the crypto economy on Thursday.
11,116 crypto assets are valued at $ 1.68 trillion in fiat
Only five other crypto assets have more than 1% of the fiat value of the crypto economy and six coins are more than 0.5% of the value of $ 2.81 trillion. Interestingly, Bitcoin (BTC) dominance stayed above the 60% mark for two months this year, but BTC dominance slipped below 60% in late February. Another interesting fact is that the BTC dominance was above the 80% region for its entire lifespan (minus a few short cases) until the end of February 2017.
BTC’s dominance has never returned above the 80% region, but reached 70% on January 3, 2021, the 12th anniversary of the network. Bitcoin has a lot more competition than it did in the early days, as there were only a few hundred competitors before 2013. When BTC slipped below the 80% dominance range in 2017, there were a few thousand alternative digital assets. Still, BTC holds its own at a fiat value of $ 1.1 trillion, while 11,116 crypto assets hold a fiat value of $ 1.68 trillion.
What do you think of Bitcoin’s dominance dropping below the 40% zone? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Coingecko.com,
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