Bitcoin market dominance falls to three-year low of 40%


While Bitcoin tumbles in response to Elon Musk’s Twitter account yet again, altcoin dominance has surged to its highest level in roughly three years.As of this writing, Bitcoin (BTC) represents 40.3% of the combined crypto asset capitalization — the lowest it has been since June 2018, according to CoinMarketCap.Bitcoin hit a market dominance low of 33% in January 2018 when it was cooling from its previous peak, while the altcoins were just hitting theirs. It is currently not far off its second-lowest level of 36% of three years ago in May 2018. Bitcoin dominance: CoinMarketCapThe combined capitalization of altcoins is currently sitting at $1.25 trillion after establishing all-time highs of almost $1.5 trillion last week.Ether (ETH) has recently seen its dominance surge, with Ether’s capitalization creeping up to roughly half of Bitcoin’s to represent a crypto market dominance over 19%. Ether also represents 32% of the combined altcoin market cap.Binance Coin (BNB) ranks third, representing 4% of total crypto capitalization, followed by Cardano (ADA) with 3.3% and Dogecoin (DOGE) with 3%. By contrast, Binance Coin exerts a 6.7% dominance over the altcoins markets, with Cardano’s dominance coming in at 5.5% and Dogecoin representing 5%.Elon Musk may have deepened Bitcoin’s loss of dominance by hinting that Tesla may be offloading its BTC holdings in a tweet on Monday, triggering a 15% crash over 18 hours. While Bitcoin is now down 35% from its April 14 all-time high, several altcoins have seen weaker pullbacks, with Ether currently down 24% from its Wednesday peak of $4,350.Some markets are rallying in spite of the bearish meta-trend, with Cardano rallying to tag all-time highs of $2.45 on Sunday.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,942.22
ethereum
Ethereum (ETH) $ 1,880.48
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 279.05
usd-coin
USD Coin (USDC) $ 0.999799
xrp
XRP (XRP) $ 0.531128
staked-ether
Lido Staked Ether (STETH) $ 1,878.36
cardano
Cardano (ADA) $ 0.346602
dogecoin
Dogecoin (DOGE) $ 0.069795
solana
Solana (SOL) $ 20.20
matic-network
Polygon (MATIC) $ 0.810138
tron
TRON (TRX) $ 0.078374
litecoin
Litecoin (LTC) $ 90.64
polkadot
Polkadot (DOT) $ 5.20
avalanche-2
Avalanche (AVAX) $ 14.63
binance-usd
Binance USD (BUSD) $ 0.999216
shiba-inu
Shiba Inu (SHIB) $ 0.000008
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,953.22
uniswap
Uniswap (UNI) $ 4.76
leo-token
LEO Token (LEO) $ 3.52
chainlink
Chainlink (LINK) $ 6.20
cosmos
Cosmos Hub (ATOM) $ 10.07
okb
OKB (OKB) $ 45.18
monero
Monero (XMR) $ 146.99
ethereum-classic
Ethereum Classic (ETC) $ 17.38
the-open-network
Toncoin (TON) $ 1.66
stellar
Stellar (XLM) $ 0.089177
bitcoin-cash
Bitcoin Cash (BCH) $ 113.74
lido-dao
Lido DAO (LDO) $ 2.37
true-usd
TrueUSD (TUSD) $ 1.00
internet-computer
Internet Computer (ICP) $ 4.38
filecoin
Filecoin (FIL) $ 4.34
quant-network
Quant (QNT) $ 116.56
aptos
Aptos (APT) $ 8.13
hedera-hashgraph
Hedera (HBAR) $ 0.049719
crypto-com-chain
Cronos (CRO) $ 0.059785
arbitrum
Arbitrum (ARB) $ 1.18
near
NEAR Protocol (NEAR) $ 1.51
vechain
VeChain (VET) $ 0.018595
apecoin
ApeCoin (APE) $ 3.00
the-graph
The Graph (GRT) $ 0.117456
paxos-standard
Pax Dollar (USDP) $ 0.999632
frax
Frax (FRAX) $ 1.00
algorand
Algorand (ALGO) $ 0.135272
eos
EOS (EOS) $ 0.888008
the-sandbox
The Sandbox (SAND) $ 0.519472
rocket-pool
Rocket Pool (RPL) $ 48.95
optimism
Optimism (OP) $ 1.46
elrond-erd-2
MultiversX (EGLD) $ 36.34