Over the past week, the price of bitcoin has hovered below the $ 60,000 range and digital currency advocates are wondering which direction the market is heading 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 Orders 19%
The price of bitcoin (BTC) hit $ 69,000 on November 10, and six days later on November 16, the price fell below the $ 60,000 area and has not returned above that region since. during. Today, according to crypto coin market aggregators there are around 11,117 coins being traded on 525 cryptocurrency exchanges. The value of over 11,000 existing crypto coins is approximately $ 2.81 trillion and its value has increased 3.9% in the past 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 hasn’t been this weak since mid-May 2021, or about 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 crypto asset, ethereum (ETH ), holds around 19% of the market dominance on Thursdays. Ether has a market valuation of around $525 billion at the time of writing.
While Ethereum (ETH) has a significant share of dominance, a large number of other crypto assets in the top 20 positions have also risen in value and increased their own levels of dominance. 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 which 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 has held above the 60% range for two months this year, but BTC’s dominance fell 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 never returned above the 80% region but reached 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 fell below the 80% dominance range in 2017, there were a few thousand alternative digital assets. Still, BTC gets by with $ 1.1 trillion in fiat value, while 11,116 crypto assets hold $ 1.68 trillion in fiat value.
