The crypto economy has depreciated significantly in the past few days, hitting a low of $ 2.06 trillion on Monday. In addition, the market dominance of the leading crypto asset bitcoin has dropped to 40% of the overall valuation of the crypto economy. Bitcoin’s dominance index hasn’t been that low since June 2018.
Bitcoin dominance falls to its lowest point since 2018
At the time of writing, the cryptocurrency economy is valued at around $ 2.06 trillion, which is the value of all 9,869 digital currencies in existence. In addition, Bitcoin (BTC) The market valuation captures 40% of the total crypto market capitalization.
This measurement is much lower than it has been for some time, as the first week of January has shown BTC Dominance at 69.7%. Bitcoin’s dominance index has steadily declined since then, even after the crypto asset hit an all-time high weeks later.
The reason for this loss in BTC The dominance arises from a number of digital currencies competing for the market position of the crypto asset. In fact, most of the top ten digital currencies have seen big increases in value in terms of market capitalization BTC.
It is known that Ethereum (ETH) has eaten BTC Dominance in the last few weeks and ETHThe overall valuation of 19.15% of the market valuation of the economy on Monday. The Ethereum continues to gain BTC and the US dollar, and some people think ETHMarket capitalization could tip BTCOverall market valuation in due course.
The ten best digital assets win against Bitcoin’s market advantage
also ETHThree more tokens capture 3-4% of the market valuation of the crypto economy on Monday. This contains BNB, ADAand DOGE, while Bitcoin Cash (BCH) to the tether (USDT) has 1-2% of the capitalization of the crypto economy.
The decentralized exchange (dex) Uniswap and its original token UNI now hold the tenth market position and around 0.95% of the entire economy. In fact, the top ten positions in the market up to the fifteenth position account for between 0.50 and 0.94% of total global cryptocapitalization.
It is interesting to note that by February 26, 2017, Bitcoin (BTC) has had an above-average level of dominance between 84% and 95% since the day the Bitcoin network was launched. Bitcoin’s level of dominance dropped significantly after the second month of 2017, falling to 37% on June 18, 2017.
We are back!
The level of flippening is at a level not seen since July 2018 pic.twitter.com/yyzkaNxnTD
– Flippening Watch | flippeningwatch.eth (@flippeningwatch) May 3, 2021
Bitcoin’s market dominance also fell lower than on January 14, 2018, when it dropped to 32%. Hardcore BTC Supporters believe that the coin will never lose the top position while others do believe A “flip” is inevitable.
What do you think of Bitcoin’s dominance dropping to 40% while Ethereum rising above 19%? Let us know what you think on this matter in the comments section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to submit an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.