Despite its status as the first and most popular cryptocurrency, Bitcoin’s (BTC/USD) dominance over the crypto market has begun to display a downward trend and hit an all-time low this Tuesday. Bitcoin’s dominance – i.e. its share of the total market cap of the entire crypto market – fell below 36% on Tuesday, according to recent data..
The current market cap of the cryptocurrency market is above $700 billion, while Bitcoin’s market cap is hovering around the $250 billion mark. At the start of 2017, Bitcoin’s market share was well above 80%, and it stood at 55% at the start of December last year..
The main reason behind Bitcoin’s dwindling dominance is, quite obviously, the cryptocurrency’s price movement of late, which seems to have lost much of its upward momentum despite having seen a 1300% increase in 2017. Growing interest in alternative cryptocurrencies is another key factor bringing Bitcoin’s dominance down..
Ripple, Cardano, and Lumens all rose by more than 80% this past week, and have contributed to the continued rise of the crypto market’s market cap despite Bitcoin’s slump. This progression of the market is expected to be healthy and promising – as Bitcoin establishes itself as digital gold and a store of value, other coins are stepping in to fill the gaps and cater to the varied needs and use cases in the market..
https://investfeededge.com/bitcoins-diminishing-dominance-rise-altcoins/
