Over the past 100 days or roughly three months, bitcoin’s market dominance among 21,958 different crypto assets worth around $850 billion has been less than 40%. Bitcoin dominance has been below 40% since August 27, 2022, with a brief instance of breaking the 40% range 52 days ago on October 15.
Bitcoin Market Superiority Lost 41% in 35 Months
Bitcoin’s market capitalization has been above the $325 billion region since November 29, 2022. At the time of writing, the overall market valuation of Bitcoin (BTC) is around $328 billion, which accounts for approximately 38.3% of the crypto economy’s total market capitalization of $856,947,917,107.
The second crypto asset, Ethereum (ETH), on the other hand, today has a market capitalization of around $155.38 billion, or 18.1% of the total $856 billion. At first, BTC’s market supremacy was above the 90% region from its first rise in value in 2010, until the second week of November 2014.
The dominance of the crypto market, among the thousands of digital asset market caps, refers to the relative size of the coin’s capitalization compared to the overall market capitalization of the entire crypto economy. After mid-Nov. In 2014, BTC’s market dominance slipped below the 90% region but remained above the 80% range until the first week of March 2017.
Essentially, during those early days, BTC’s market superiority was 90% for 61 months and after November 2014 it was above 80% for 33 months. However, there were a few brief instances in January 2015, March 2016, May 2016, and September 2016, which saw BTC’s market dominance drop below the 80% region.
Bitcoin dominance has been below 80% for 68 months to date, and it has struggled to maintain the 40% range lately. On May 15, 2021 and until August 27, 2022, BTC’s market supremacy in terms of capitalization had been above the 40% range which was around 15 months.
Ethereum, Tether and Dogecoin Market Dominance Levels Rise
Today marks over three solid months of BTC dominance below the 40% range and the dominance hasn’t been this low since May 2018. From a logarithmic perspective, the market dominance of ‘Ethereum (ETH), among all other digital assets, has shown a significant increase since January 2020.
The dominance of ETH has increased by 130.86% since January 2020, while the dominance of BTC has gradually slipped by 41.96% during this period. From January 2020 to today, approximately 35 months, the market dominance of Tether (USDT) has jumped 285%, compared to the total value of over 20,000 listed crypto assets.
BNB has seen its market dominance increase by 440% in the last 35 months and that of the US dollar coin (USDC) has jumped by 2,500%. Like bitcoin (BTC), the market supremacy of xrp (XRP) has fallen over the past 35 months, slipping 47% since January 2020.
Among the top ten digital assets by market valuations, the dominance levels of BTC and XRP saw the worst declines. The dominance level of the same token dogecoin (DOGE), on the other hand, has jumped 1,100% in the last 35 months.
There are many people who do not place much value on market cap and dominance data when it comes to digital currencies. For example, a bitcoin maximalist would say that the market capitalization of BTC is all that matters, and others might say that a coin like DOGE shouldn’t be compared to blockchains that weren’t supposed to. be a joke.
However, many crypto proponents believe that market dominance levels offer meaningful data. Bitcoin and Ethereum, for example, can be seen over their competitors to have high levels of market superiority, which can have a significant influence on the market. More often than not, when BTC and ETH prices rise or fall, alternative crypto assets follow dominant crypto market patterns.
What do you think of bitcoin’s dominance levels among the thousands of market caps? Let us know what you think about this topic in the comments section below.
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