This week, Bitcoin’s market dominance was below the market cap of all 12,046 existing crypto assets over 38%, while the overall valuation of Ethereum shows a dominance of 19%. A report released on Monday shows that altcoins’ market share has tripled since 2014, from 21% in 2014 to 62% today.
Report Says The Tide Is Turning, Altcoins “Gaining Ground” On Bitcoin
ONE report published by tradingplatforms.com and author Edith Reads shows that altcoins have appreciated in value over the past seven years. Author’s report states that “the tide is turning” and altcoins are “gaining ground” BTC as their popularity continues to grow. ”It has been known that since the inception of Bitcoin BTCMarket dominance among all other existing crypto assets was over 80% by February 2017 February 26, 2017, BTC had a dominance of 86% and has never returned above the 80% area since that day.
“The market share of altcoins has been on an upward trend since 2014,” explains the author of tradingplatforms.com. Reads notes that altcoins accounted for 62% of the market share on December 9, 2021. “The number represents a threefold increase in their dominance over the past seven years. They have tripled from a market share of 21 percent to currently 62 percent, ”adds the Reads study.
The report goes on by sharing the growth in the altcoin space and growing interest in altcoins. “The growth in [the] The dominance of altcoins in the market is an indication of a rethinking when it comes to crypto assets, ”says Reads. “Many see them as alternatives too BTC. As the crypto space continues to evolve, BTC‘s dominance will come under even greater pressure, ”states the researcher from tradingplatforms.com.
The study’s author claims that market capitalization is a crucial factor in crypto ranking
The author claims that the dominance of market share is an essential factor and BTCThe market share is falling. “In December 2014 [BTC’s] Market capitalization was 78 percent, ”emphasizes the study. “But that position has deteriorated further and is at 38 percent at the time of the publication of the study.” Reads further stated:
A higher market dominance leads in most cases to a higher market capitalization. Market capitalization is a crucial factor in crypto ranking. Large caps indicate safe investment options, as such cryptos are usually less volatile. Essentially, it’s an indication of how stable the asset is.
Today there are more than 12,000 crypto assets that have a recorded price tag according to coingecko.com Metrics. While ether (ETH) has 19.1% of the $ 2.54 trillion, and many other coins also have a decent share of the overall crypto economy. BNB has a market dominance of 3.64% and the stablecoin tether (USDT) has around 3.06%. Solana (SOL), today’s fifth largest crypto market cap, captures 2.45% of the $ 2.54 trillion and Cardano (ADA) dominates 1.97% of the crypto economy.
The study by tradingplatforms.com insists that there are some advantages over altcoins BTC including “extraction in the [decentralized finance] Sector.” Reads means that in terms of scaling, “Altcoins are built on better blockchain technology”. she says that BTC also has to do with many people who care about the environment, and Reads mentioned that “Elon Musk was a vocal critic”.
What do you think of tradingplatforms.com’s study and Edith Reads’ opinions on crypto market share dominance today? Let us know what you think on this matter in the comments below.
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Source: Crypto News Austria