Crypto

The Dominance of ETH, XRP, and DOGE

Bitcoin hasn’t been on the down-low in a long time. But it’s not only the price this time; Bitcoin’s market domination has also been dropping to historic lows.

According to CoinMarketCap statistics, Bitcoin appears to have broken through long-term support and reached levels last seen in 2018.

Percentage of Total Market Capitalization (Dominance)

Since July 2018, Bitcoin’s dominance has been increasing, as shown in the graph above. In the year 2019, the dominance reached over 50%. Since then, the graph has only gotten better.

The dominance was above 60% for the most part, with the exception of September 2020, when it slipped to 56%.

However, this percentage has plummeted to 51.08%.

While Bitcoin’s dominance appears to be eroding, the influence of altcoins appears to be increasing. Ethereum, the second most popular cryptocurrency or altcoin, has been experiencing fresh growth in the market. The price of ETH has risen by 13% in the last four days, and it is currently trading at $3,035.62.

Ethereum’s dominance has changed to a new level, along with that of other important cryptocurrencies, as a result of such a big surge at such a low price.

Percentage of Total Market Capitalization (Dominance)

The accompanying graph illustrates that Ethereum’s dominance peaked at around 16 percent in 2021, while Bitcoin’s dominance remained around 60%. However, after this new peak, the supremacy began to wane dramatically.

Bitcoin’s market share fell below 60% in April, while Ethereum’s market share remained stable at 11.55%. Bitcoin’s market share declined as the month continued, while Ethereum’s market share increased to 12.57%.

Ripple (XRP) and Dogecoin (DOGE) were the altcoins that climbed up in dominance, aside from Ethereum.


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