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Sunday, September 6, 2020

10% LOST BITCOIN DOMINATION IN THE LAST 100 DAYS

  




    The Bitcoin Domination Index has dropped 10% from a high of 67% on May 10, to a low of 57% today. Despite the defi market shock, ethereum still captured 10% of the $ 330 billion aggregate market cap.



There have been a number of changes in the top ten coins, as bitcoin (BTC) has lost dominance since May 10. Market dominance is the top coin measure, in terms of market valuation, compared to the aggregate of all 6,700+ crypto coins.


BTC consistently leads the top level of dominance in the cryptocurrency economy and today is around 57% of market value. That's 10% lower than in mid-May, as bitcoin (BTC) has dropped sequentially over the past 118 days.


 

Bitcoin Dominance Slides Losing 10% in the Last 100 Days


Within a hundred days, ethereum (ETH) has become a force eating away at BTC's dominance levels. Currently, ETH captures 10% of the crypto economy valuation. This came after ETH beat the market intensely and many ERC20 tokens were picked up on Saturday.


In fact, during the start of last week (August 30), Ethereum dominance touched its 2020 high of 12.9%. Chainlink (LINK) is also in the top ten with a market cap of $ 4.2 billion as of Sunday, which is just 1.27% of the aggregate market valuation.

 

Bitcoin Cash (BCH) has also seen its percentage decline in dominance over the past few weeks. In fact, right before the November 2018 blockchain split that resulted in bitcoinsv (BSV), BCH had dropped from 4.37% to a low of 1.2% on September 6, 2020.


The rates haven't been that high since the fork in 2018, and have dropped significantly since then. In February 2020, BCH indeed touched the highest percentage in 2020 with 2.84% on 9 February. Since then, BCH has remained above 1.5% until this weekend's market massacre leading up to 1.2%.


The data shows that Polkadot (DOT) has just made it into the top ten and captured 1.1% of overall market capitalization. XRP owns 3.4%, Litecoin (LTC) around 1.1%, bitcoinsv (BSV 0.97%), and binance coin (BNB) with 0.91%. The other 6,700+ digital assets in existence captured around 16.9% on Sundays.


   What do you think about the current dominance level of bitcoin? Let us know what you think in the comments below.

 

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