Bitcoin News and Finance
Bitcoin Dominance Dips to 40%, Top Ten Cryptos Siphon BTC’s Market Supremacy Skip to main content

Bitcoin Dominance Dips to 40%, Top Ten Cryptos Siphon BTC’s Market Supremacy

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 valuation captures 40% of the entire crypto market capitalization.

Bitcoin Dominance Dips to 40%, Top Ten Cryptos Siphon BTC's Market Supremacy
At press time, bitcoin (BTC) dominance levels or the percentage of its total market valuation in comparison to the entire crypto economy is 40% on Monday. Ethereum’s overall market valuation captures 19.15% on May 17, 2021.

This measurement is much lower than it has been in a while, as the first week of January saw BTC dominance at 69.7%. Bitcoin’s dominance index has been steadily dropping since then, even after the crypto asset tapped all-time price highs weeks later.

The reason for this loss in BTC dominance stems from a number of digital currencies competing for the crypto asset’s market position. In fact, most of the top ten digital currencies in terms of market cap, have gathered a great deal of value against BTC.

It is well known that ethereum (ETH) has been eating BTC dominance in recent weeks and ETH’s overall valuation captures 19.15% of the economy’s market valuation on Monday. Ethereum continues to gain on BTC and the U.S. dollar, and some people think ETH’s market cap could flip BTC’s overall market valuation in due time.

Top Ten Digital Assets Gain Against Bitcoin’s Market Advantage

Besides ETH, three other tokens capture 3-4% of the crypto economy’s market valuation on Monday. This includes BNB, ADA, and DOGE, while bitcoin cash (BCH) down to tether (USDT) commands 1-2% of the crypto economy’s capitalization.

Bitcoin Dominance Dips to 40%, Top Ten Cryptos Siphon BTC's Market Supremacy
While the top ten crypto assets are eating away at bitcoin (BTC) dominance levels, ethereum (ETH) is the only one close enough to cause a ‘flippening.’

The decentralized exchange (dex) Uniswap and its native token UNI holds the tenth market position today and around 0.95% of the entire economy. In fact, the top ten market positions all the way to the fifteenth position all have between .50-0.94% of the whole global crypto capitalization.

It is interesting to note, that up until February 26, 2017, bitcoin (BTC) held an above-average dominance level between 84% to 95% since the day the Bitcoin network came to life. Bitcoin’s dominance level dropped significantly after the second month of 2017, and dipped to 37% on June 18, 2017.

Bitcoin’s market dominance level also dropped lower than that on January 14, 2018, when it slid to 32%. Hardcore BTC supporters are convinced the coin will never lose the top position, while others believe a ‘flippening’ is inevitable.

What do you think about bitcoin’s dominance level dropping to 40% while ethereum’s climbs past 19%? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory