Bitcoin Dominance Dips to 40%, Top Ten Cryptos Siphon BTC’s Market Supremacy
The crypto economy has dropped significantly in value during the last few days tapping a low of $2.06 trillion on Monday. Additionally, the leading crypto asset bitcoin has seen its market dominance drop to 40% of the crypto economy’s overall valuation. Bitcoin’s dominance index hasn’t been this low since June 2018. Bitcoin Dominance Drops to the Lowest Point Since 2018 At the time of writing, the cryptocurrency economy is worth roughly $2.06 trillion, as far as the value of all 9,869 digital currencies in existence is concerned. Furthermore, bitcoin’s (BTC) market....
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While Bitcoin critics claim this means that BTC is losing its first-mover competitive advantage, others are anticipating the “altcoin season” is just around the corner, or might even be already underway. Bitcoin’s market dominance has continued to fall, bottoming out below 40% this week. That’s very close to the all-time low of 36.7% in Jan 2018 according to data from Tradingview.Bitcoin (BTC) market dominance refers to the ratio between BTC’s market cap and the total crypto market cap.It's not the first time dominance has dipped in 2021. Back in May, Cointelegraph reported that BTC had....
While bitcoin prices have risen in value during the last two weeks, bitcoin dominance levels have slipped to lows not seen since the June 6 low of 41%, and the dip to 39.97% on May 16, 2021. Depending on the crypto market price aggregator leveraged, bitcoin’s dominance has been between 39.99% to 41.52%. Meanwhile, as bitcoin’s dominance has dropped significantly, crypto-asset markets like ethereum, cardano, binance coin, and tether have seen market dominance, in terms of overall valuation, steadily increase among the 10,000+ coins in existence today.
As Bitcoin Slides to....
The Bitcoin dominance index has collapsed by 20 percentage points since the start of 2021. ETH, BNB and more speculative altcoin bets have seen their dominance rise over the same period. Bitcoin (BTC) dominance briefly fell below 50% last week for the first time since January 2018, sending a strong signal that more speculative bets on altcoins were on the rise.The Bitcoin dominance index, which measures BTC’s market capitalization relative to the broader cryptocurrency market, reached a low of 49.35% on Thursday, according to CoinMarketCap. At the beginning of 2021, BTC dominance was....
Bitcoin is moving sideways in lower timeframes as the crypto markets continue to run without a clear direction. The first cryptocurrency by market cap trades at $47,837 with a 1.2% loss in the daily chart. BTC’s price has been moving in a tight range during the week, unable to break above $48,500. Data from Santiment suggest an increase in the amount of BTC’s supply exchanging hands since the beginning of September. This suggests that investors could be taking more profits as Bitcoin tries to take previous highs contributing to the bears’ attempts to take over the market. As seen....
BTC dominance has always had an inverse effect on the price movements for altcoins. Historically, BTC dominance determines the direction the value of altcoins swings in. Bitcoin has so far maintained majority dominance on the market. But as more time passes, that dominance goes down as altcoins see more demand. BTC dominance simply shows how much demand there is for bitcoin compared to altcoins. The more BTC dominance rises, the lower the demand for altcoins. This means that for altcoins to rally up further, bitcoin demand has to go down. Related Reading | Ethereum Breaks 200,000....