Bitcoin News and Finance
Bitcoin Dominance Slides Below 40% for First Time in 6 Months Skip to main content

Bitcoin Dominance Slides Below 40% for First Time in 6 Months

During the last week, the price of bitcoin has been hovering below the $60K range and digital currency advocates are wondering which way the market is headed next. At the time of writing, the crypto economy is valued at $2.81 trillion and bitcoin’s market dominance has sunk below the 40% region for several days now.

Bitcoin Dominance Slips to 39.7%, While Ethereum Dominance Commands 19%

The price of bitcoin (BTC) reached $69K on November 10, and six days later on the 16th, the price fell below the $60K zone and hasn’t returned above that region since then. Today, according to crypto coin market aggregators there are around 11,117 coins being traded on 525 cryptocurrency exchanges. The value of all more than 11K crypto coins in existence is around $2.81 trillion and it increased in value 3.9% over the last 24 hours.

Bitcoin (BTC) has an overall market capitalization of around $1.1 trillion and on Thursday, November 25, BTC dominance is 39.7%. BTC’s dominance has not been this low since mid-May 2021, or around six months ago. The last time it was lower than 40% prior to the mid-May drop was three years ago on June 17, 2018. Statistics from Coingecko.com indicate that the second leading crypto asset, ethereum (ETH), has around 19% of the market dominance on Thursday. Ether has a market valuation of around $525 billion at the time of writing.

While ethereum (ETH) has a significant portion of dominance, a slew of other crypto assets in the top 20 positions have also been swelling in value and increasing their own dominance levels. Binance coin (BNB) commands 4.02% of the $2.81 trillion crypto economy and the stablecoin tether (USDT) captures 2.74%. Solana (SOL) has increased in value a great deal this year and currently, SOL commands 2.43% of the crypto economy’s overall value. Cardano (ADA) is another that holds more than 2% as ADA’s market valuation on Thursday is 2.13% of the crypto economy.

11,116 Crypto Assets Command $1.71 Trillion in Fiat Value

Only five other crypto assets command more than 1% of the crypto economy’s fiat value and six coins have more than 0.5% of the $2.81 trillion in value. Interestingly, bitcoin (BTC) dominance held above the 60% range for two months this year, but BTC dominance slipped below 60% at the end of February. Another interesting factoid is that BTC dominance held above the 80% region during its whole lifetime (minus a few brief instances) up until the end of February 2017.

BTC’s dominance has never returned back above the 80% region but did reach 70% on January 3, 2021, the network’s 12th anniversary. Bitcoin has a lot more competition than it did in the early days, as before 2013 there were only a few hundred competitors. By the time BTC slid below the 80% dominance range in 2017, there were a few thousand alternative digital assets. Still, BTC is holding its own with $1.1 trillion in fiat value while 11,116 crypto assets hold $1.71 trillion in fiat value.

What do you think about bitcoin’s dominance sinking below the 40% zone? 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