Recent data reveals a surge in bitcoin’s dominance, a measure of its market capitalization in relation to the entire cryptocurrency sphere, reaching peaks not observed since February 2021. Present figures demonstrate that bitcoin (BTC) constitutes approximately 54% of the total cryptocurrency market value, with ethereum (ETH) trailing at just above 17%.
Bitcoin Dominance Rises From 40.2% to 54% in 12 Months
Bitcoin’s hegemony witnessed a significant swell this year, escalating from 40.2% in October 2022 to the current 54% by October 2023. Insights compiled by Tradingview on October 24, 2023, pinpoint fluctuations in bitcoin’s dominance, ranging from 53.44% to 54.11%.
Per Tradingview’s methodology, this calculation involves a comparative assessment of bitcoin against the aggregate value of the top 125 cryptocurrencies. The online platform underscores a noteworthy statistic: BTC’s rise to this level is a first in over 980 days — a span extending beyond two years and eight months.
Rewinding to January 2017 and prior, bitcoin’s representation eclipsed 80-90% of the entire crypto market. Ethereum (ETH), holding the title of the second-largest market capitalization, now embodies 17.6% of the crypto economy.
Despite ETH’s dominance standing at 21.24% in October 2021, it suffered a decline, reaching a low of 15% by May 2022. Just a year ago in October, ETH’s dominance clocked in at 19.3%, but it has been experiencing a downward trajectory since April 2023.
Conversely, BTC’s dominance has been climbing the ladder since April 2023, progressing from 47.89% to its present position. While ether’s share comes closest to bitcoin, other cryptocurrencies in the top ten pale in comparison, given that both collectively constitute 71% of the market.
For perspective, the third-largest cryptocurrency, tether (USDT), comprises a mere 6.667% of the expansive $1.26 trillion market. Following are BNB and XRP, representing 2.767% and 2.305% respectively.
Cumulatively, the top eight digital currencies, excluding BTC and ETH, encompass 17.55% of the market. Current data illustrates that today’s top ten cryptocurrencies collectively account for an overwhelming 88% of the total market.
In the whirlwind world of crypto, fortunes shift in a heartbeat, and it’s entirely plausible that these rankings could undergo a seismic transformation by the time October 2024 rolls around.
What do you think about bitcoin’s dominance rising? Share your thoughts and opinions about this subject in the comments section below.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments