BTC dominance decreasing.

[OmegaStarScream]

A couple of months back (March), I remember seeing bitcoin dominance about 85% when It comes to the market capitalization. Its currently 59.2% and probably will continue to decrease in the next a few days. Is this something to be worried about?

Source: https://coinmarketcap.com/charts/#btc-percentage

[1714690067]

1714690067

[n2004al]

A couple of months back (March), I remember seeing bitcoin dominance about 85% when It comes to the market capitalization. Its currently 59.2% and probably will continue to decrease in the next a few days. Is this something to be worried about?

Source: https://coinmarketcap.com/charts/#btc-percentage

Maybe the last percentage is a little exaggerated because is low but the trend will be the decrease for sure. More and more projects or startups born every day and everyone of those have their coin which want its part at the market. Then if they have success other part of market go to those. So I think is normal this trend.

[Herbert2020]

please don't use any other words in place of "marketcap" and bitcoin's marketcap share is decreasing not its market dominance, market share, or any other words other people use these days.

bitcoin is still the dominant cryptocurrency:
market/price related:
- it has the highest price
- the highest volume
- the most number of exchanges
- the most number of traders
usage as a currency:
- it still has the most usage as a currency
- the most number of merchants and services accepting it as a payment and that is also growing
- the most number of users using it as a real currency to pay for stuff
others:
- the most number of nodes
- the highest security of network
- the most number of developers
- ... (i'll add more if my memory helped)

here is BitPay showing the growth in the number of transactions they process as a payment processor for many businesses:

it is 250,000 transactions as of 2016 of an amount about 200 million dollar monthly. and that is just a third party processing only a limited number of merchants that are using their service for bitcoin payments. this is not factoring in all the others receiving bitcoin directly.

and if that's not called dominance, i don't know what is!

meanwhile all the altcoins with their huge supply of coin which is causing their marketcap to grow falsely are the same as before: they are only being used by traders to make more money from their pump and dump and 90% of the time not a single coin leaves the exchange wallet.
and there is not a single change in their usage as a currency, altcoins are just carrying the word "currency" in their name.

[Jherek]

A couple of months back (March), I remember seeing bitcoin dominance about 85% when It comes to the market capitalization. Its currently 59.2% and probably will continue to decrease in the next a few days. Is this something to be worried about?

Source: https://coinmarketcap.com/charts/#btc-percentage

Yeah the altcoins are certainly rising with bitcoin which is sort of strange because usually the altcoins like Ethereum and Monero will rise when bitcoin is crashing or bitcoin is stagnant but right now they are increasing alongside bitcoin, in bitcoin terms as well when bitcoin is increasing in value itself.

I wouldn't say that anytime soon bitcoin dominance will hit under 50% though, because bitcoin is still after all the major cryptocurrency and the #1 cryptocurrency by trading volume, user base as well as market capitalization by far right now.

And there is definitely a lot more ICOs coming out these days as well, probably contributing to the decline.

[Qartada]

Why do people really care so much?  Bitcoin dominance in market cap is only a little part of its dominance overall, and losing a 50% majority would just mean that the dominance is spread between several cryptocurrencies.  Bitcoin is still massive and will continue to be.

[franky1]

market cap is a meaningless bubble number

i can create an altcoin with 5trillion coins.
put one coin onto an exchange and self it to myself for $1, and suddenly.. drum role.. prepare for mind blowing experience.
the market cap for my alt is $5trillion

[Pursuer]

I'm thinking about changing my signature to this maybe that helps with the whole marketcap illusion!

  [Manipulation 101]   Market cap   

it seems like no matter how many times different people repeat the same thing, in the end another topic will pop up talking about bitcoin "marketcap dominance" decreasing!

[mining1]

please don't use any other words in place of "marketcap" and bitcoin's marketcap share is decreasing not its market dominance, market share, or any other words other people use these days.

bitcoin is still the dominant cryptocurrency:
market/price related:
- it still has the most usage as a currency
- the most number of users using it as a real currency to pay for stuff
others:
- the most number of nodes
- the highest security of network
- the most number of developers
- ... (i'll add more if my memory helped)

I disagree with those.

1. As a currency yes, but not all projects aim to be a currency. Unless you compare it with litecoin, dash and monero.
2. Same here.
3. No, currently ethereum has more number of nodes. 12761 eth vs 6.9k bitcoin https://www.ethernodes.org/network/1  https://bitnodes.21.co/ .There's 1 more site for bitcoin that shows similar number https://coin.dance/nodes
4. I disagree, for more reasons.
             - Centralization in china. Miners pose the biggest threat to the network. Current situation of btc is a confirmation.
             - Currently ethereum expends almost as much value as bitcoin per second for security.
5. I disagree. Quantity vs quality. Bitcoin devs haven't done anything signifiant in the past 3 years, atleast compared to eth team.

[Denker]

That market dominance chart is ridiculous. Especially with all that ICOs going were coins are often locked in those alts for 12+ months.
Look for trading volume, transactions per day, global exchanges, merchants accepting cryptos etc. There have already been a few good answers here is this thread. Alts are in a crazy bubble. This is why you see this dramatic looking decline although as I said you shouldn't use this as reference or legit metric.

[Lauda]

I disagree with those.

These are the initial signs of a uninformed altcoin bagholder.

1. As a currency yes, but not all projects aim to be a currency. Unless you compare it with litecoin, dash and monero.

Those projects aim to solve problems that don't exist, making most of them effectively useless. "it still has the most usage as a currency" is an undeniable fact and your straw man counter argument just shows your lack of knowledge.

2. Same here.

Wrong again.

3. No, currently ethereum has more number of nodes. 12761 eth vs 6.9k bitcoin https://www.ethernodes.org/network/1  https://bitnodes.21.co/ .There's 1 more site for bitcoin that shows similar number https://coin.dance/nodes

No. Have you even tried to create an ETH "full node"? I doubt that you have. They tell you to use a "--fast" mode and I'll let you research what it is. There are a lot more Bitcoin nodes: http://luke.dashjr.org/programs/bitcoin/files/charts/software.html

4. I disagree, for more reasons.
             - Centralization in china. Miners pose the biggest threat to the network. Current situation of btc is a confirmation.

Wrong again. Bitcoin was never decentralized as it is today. Either you're a newcommer or very ignorant.

- Currently ethereum expends almost as much value as bitcoin per second for security.

Source?

5. I disagree. Quantity vs quality. Bitcoin devs haven't done anything signifiant in the past 3 years, atleast compared to eth team.

This proves that you're an idiot. OpenSSL bug during development of libsecp251k[1]? ETH is trash, stop drinking centralized, bankster & corporation backed, kool-aid.
It is very very likely that either ETH or Ripple are "their" (banks anyone?) answer to Bitcoin.
[1] - Lots of things can be listed here; this just shows how uninformed the ETH bagholder/shill is.

[naughty1]

A couple of months back (March), I remember seeing bitcoin dominance about 85% when It comes to the market capitalization. Its currently 59.2% and probably will continue to decrease in the next a few days. Is this something to be worried about?

Source: https://coinmarketcap.com/charts/#btc-percentage

The dominance of bitcoin actually fell as it was still in its infancy. This shows that bitcoin no longer dominates the market, although it still grows, but it is not alone, besides it is always the development of other altcoins, and they are competing fiercely with bitcoin. And I think it will continue, bitcoin is no longer the dominant currency, it is only a currency with the advantage of time.

[LFC_Bitcoin]

I don't think it's anything to worry about at all. People are probably using alt pumps to make money & will likely try & sell & get back into bitcoin with a better position before the alts inevitable dumps.

[yellow1]

I don't think it's anything to worry about at all. People are probably using alt pumps to make money & will likely try & sell & get back into bitcoin with a better position before the alts inevitable dumps.

People are moving out of bitcoin maybe because they are waiting for the scaling issue to be resolved. That is why some of them are going to altcoin but they will go back to bitcoin once this drama or debate or whatever you call it has been fix. Anyways, altcoins are pretty much pump and dump anyway.

[Marma Kalari]

The dominance of bitcoin actually fell as it was still in its infancy. This shows that bitcoin no longer dominates the market, although it still grows, but it is not alone, besides it is always the development of other altcoins, and they are competing fiercely with bitcoin. And I think it will continue, bitcoin is no longer the dominant currency, it is only a currency with the advantage of time.

Are we even following the same coin,what makes you think that bitcoin no longer dominates the market,you still cannot compare any other so called coin with bitcoin,with plenty of projects coming up everyday the total numbers will spread and it is just a number which keeps on increasing when there are more projects and that does not mean that other coins are dominating and bitcoin is loosing the dominance.

[Hazir]

please don't use any other words in place of "marketcap" and bitcoin's marketcap share is decreasing not its market dominance, market share, or any other words other people use these days.

bitcoin is still the dominant cryptocurrency:
market/price related:
- it has the highest price
- the highest volume
- the most number of exchanges
- the most number of traders
usage as a currency:
- it still has the most usage as a currency
- the most number of merchants and services accepting it as a payment and that is also growing
- the most number of users using it as a real currency to pay for stuff
others:
- the most number of nodes
- the highest security of network
- the most number of developers
- ... (i'll add more if my memory helped)

here is BitPay showing the growth in the number of transactions they process as a payment processor for many businesses:

it is 250,000 transactions as of 2016 of an amount about 200 million dollar monthly. and that is just a third party processing only a limited number of merchants that are using their service for bitcoin payments. this is not factoring in all the others receiving bitcoin directly.

and if that's not called dominance, i don't know what is!

meanwhile all the altcoins with their huge supply of coin which is causing their marketcap to grow falsely are the same as before: they are only being used by traders to make more money from their pump and dump and 90% of the time not a single coin leaves the exchange wallet.
and there is not a single change in their usage as a currency, altcoins are just carrying the word "currency" in their name.

The best post I've seen in a long time. Pretty much on point. A times like his I wish we had 'Like" button here on bitcointalk.
One thing I am not really agree with: number of bitcoin developers, it is hard to estimate, AFAIK BTC devs come and go, contribute something and then may leave.
We have probably less than 5 devs who are working on BTC constantly. Note: I am talking about Core dev team only.

[European Central Bank]

people better get used to the idea. they should also stop panicking. this was always gonna happen. crypto is growing, not just bitcoin.

the alt bubble will be one of the most epic bursts in history. the alt market's behavior is also so different these days that it may not have much effect on bitcoin at all, or a positive one.

[franky1]

when it comes to dominance. what should be measured are things like

1. retail/merchant usability/acceptability
2. media awareness
3. ease of obtaining.
4. businesses set up concentrating on
5. employees working on
6. products and serves related to.

bitcoin wins all 6 categories
though technically points 1 and 3 does statistically have dominance. real world comparisons can argue with analogies.
EG yuan obtainable, acceptable to 1 billion+ people, indian rupee accessible to 1 billion+ people, yet dollar (320m people) is more dominant in the fiat market.

however the combination of many factors shows where real domination lays. like HOW its used and why its used in which case bitcoin still wins if you look at other factors too.

but all in all the 'marketcap $' is an utterly meaningless number to scream about.
trying to claim something has dominance purely based on market cap $ is like saying that flies rule the world because there are more of them then humans. without factoring in what affects and does things to the world it lives in

[Yakamoto]

A couple of months back (March), I remember seeing bitcoin dominance about 85% when It comes to the market capitalization. Its currently 59.2% and probably will continue to decrease in the next a few days. Is this something to be worried about?

Source: https://coinmarketcap.com/charts/#btc-percentage

I'm not worrying about it because it looks like there is just a huge bubble going on across all cryptos right now, from Bitcoin to ETH to Ripple to anything in the top 10 really. Everything is being built up on nothing but speculation and it has a high chance of correcting (very brutally) sometime soon. Bitfinex drove Bitcoin up when it shouldn't have been moving, and investors all decided to start playing the altcoin game and next thing you know everything everywhere skyrockets in value.

[Weatherby]

EG yuan obtainable, acceptable to 1 billion+ people, indian rupee accessible to 1 billion+ people, yet dollar (320m people) is more dominant in the fiat market.

This is the simple example of what market cap looks like and that does not mean the dominance is decreasing.There are plenty of alt coins and you really cannot compare that against bitcoin and the rest and say that the dominance is lost because it is being spread over different coins and assets ,the price of bitcoin is breaking new barriers and so does the dominance and no other alts can match the dominance of bitcoin.

[franky1]

the price of bitcoin is breaking new barriers and so does the dominance and no other alts can match the dominance of bitcoin.

individual coin price is also temporary drama if your just looking at a snapshot of movement over x hours, days, months
the questions i always ask myself is.
how many merchants accept crapcoinX
how many businesses are concentrating solely on crapcoinX
how many people know, understand, have crapcoinX
how many people need or want crapcoinX to hoard for their grandkids