BITCOINAs Crypto Market Stabilizes, Bitcoin’s Share of the Pie Grows

in bitcoin •  7 years ago 


Bitcoin’s share of the crypto universe has steadily increased over the past month, as the original blockchain clawed back market share from lesser known altcoins that made a splash early in the year

Crypto Market Cap

As of Thursday, bitcoin accounted for 40% of the $441 billion cryptocurrency market, according to data provider CoinMarketCap. That’s the highest level of the year.

Bitcoin’s dominance fell to a record low of 32% after the new year as the crypto market spiked to new highs. It would eventually peak above $830 billion, with dozens more altcoins reaching a valuation of $1 billion or more.

As the following chart illustrates, ether’s share of the total market has also risen over the past five weeks. Ripple’s share has decreased, while bitcoin cash has held relatively steady.

Bitcoin’s dominance has declined sharply over the past year, as investors diversified into a growing pool of alternative tokens promising better value than the original blockchain. At the start of 2017, bitcoin accounted for roughly 90% of the total market cap.

In terms of trade volume, bitcoin is also no. 1 with nearly 40% of the daily turnover. Tether, whose USDT token is supposedly pegged to the dollar, is second at roughly 13.8%. Ethereum is third at 11%

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Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d
BTCBitcoin6762.050$-3.53%-3.89%
ETHEthereum400.827$0.62%3.69%
USDTTether0.999$-0.11%-0.29%
XRPRipple0.487$-1.66%-2.01%

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