Ahmed Ali According to coinmarketcap.com, Bitcoin has surged in dominance, reaching a market capitalization share of 47.5% on June 10, 2023. This marks its highest level in the past year, while Ethereum’s dominance remains steady at 20%. The recent gains in dominance for these two cryptocurrencies have come at the expense of other digital assets.
Bitcoin’s Dominance Climbs as Ethereum Holds Strong; Other Cryptocurrencies Struggle
As of June 10, Saturday, Bitcoin (BTC) maintains its undisputed leadership position with a market valuation of $496 billion, representing 47.5% of the entire cryptocurrency market capitalization of $1.04 trillion. However, BTC has experienced a minor decrease of 3.32% in the last day and 5.79% over the week against the U.S. dollar. Interestingly, while Bitcoin has weathered the recent challenges relatively well, several other top cryptocurrencies, especially those within the top 20, have suffered greater losses in terms of value.
Bitcoin (BTC) dominance as of Saturday, June 10, 2023, according to coinmarketcap.com.
During this week, the top 20 cryptocurrencies have witnessed significant losses, with a few of them experiencing double-digit declines. BNB, ADA, TRX, SOL, MATIC, DOGE, LTC, DOT, AVAX, SHIB, and ATOM are among the most affected. In comparison, Ethereum (ETH), the second-largest cryptocurrency, only saw an 8.29% decrease. While BTC briefly reached a dominance of 47.18% on June 5, its current dominance rating stands higher at 47.5%. Interestingly, Bitcoin’s dominance last reached this level nearly a year ago, precisely on June 11, 2022, when it hovered around 47.49%.
While BTC currently dominates the cryptocurrency market, Ethereum has managed to maintain its position with a 20% dominance rating and a market capitalization of $208 billion. Additionally, the stablecoin Tether (USDT) continues to thrive, with a market valuation of $83.39 billion, accounting for 7.96% of the total $1.04 trillion in market value.
It is worth noting that Bitcoin has not approached the 50% and 60% range it reached in 2019, 2020, and early 2021. It achieved a dominance of 47.37% on July 31, 2021; however, it wasn’t until May 2021 that Bitcoin’s dominance level reached its current high. The future trajectory of BTC’s dominance, whether it will continue to rise, decline, or stabilize at its current level, remains uncertain.
Feel free to share your predictions and thoughts on the future of Bitcoin’s dominance and the overall cryptocurrency market in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about crypto market dominance
What is Bitcoin dominance?
Bitcoin dominance refers to the percentage of the total cryptocurrency market capitalization that is represented by Bitcoin’s market value. It indicates the level of influence and control Bitcoin holds in the overall cryptocurrency market.
How is Bitcoin dominance measured?
Bitcoin dominance is calculated by dividing Bitcoin’s market capitalization by the total market capitalization of all cryptocurrencies and multiplying by 100. This percentage represents the proportion of the entire market that Bitcoin holds.
Why is Bitcoin’s dominance important?
Bitcoin’s dominance is an important metric as it provides insights into the market share and influence of Bitcoin compared to other cryptocurrencies. It helps investors and analysts gauge the strength and stability of Bitcoin within the broader cryptocurrency market.
What does it mean when Bitcoin’s dominance increases?
An increase in Bitcoin’s dominance means that Bitcoin’s market value and market capitalization are growing relative to other cryptocurrencies. It suggests that Bitcoin is outperforming its competitors and gaining a larger share of the overall market.
How does Bitcoin’s dominance affect other cryptocurrencies?
When Bitcoin’s dominance increases, it often comes at the expense of other cryptocurrencies. As Bitcoin gains more market share, other cryptocurrencies may experience a decrease in their dominance and value. Bitcoin’s dominance can impact the market dynamics and investment strategies of other digital assets.
Can Bitcoin’s dominance continue to rise?
The future trajectory of Bitcoin’s dominance is uncertain and depends on various factors such as market trends, regulatory developments, and technological advancements. While Bitcoin has shown periods of increasing dominance in the past, it’s important to monitor the market closely to see if this trend continues or if there are shifts in the dominance landscape.
More about crypto market dominance
- CoinMarketCap
- Bitcoin
- Ethereum
- Understanding Cryptocurrency Market Dominance
- Exploring Bitcoin Dominance
- Cryptocurrency Market Capitalization
5 comments
Wow, Bitcoin’s dominance be hittin’ the roof! It’s like a rollercoaster ride in the crypto market. Other cryptos be sufferin’, tho. Hold tight, folks!
BTC keeps leadin’ the pack, but ETH holdin’ its ground too. The market’s a wild beast, makin’ some cryptos cry. Them double-digit dips ain’t no joke!
Bitcoin’s dominance be climbin’ like a champ. Ethereum stayin’ resilient. Rest of ’em cryptos takin’ a beatin’. Wonder where this rollercoaster gonna take us next?
BTC, the king of the crypto jungle, dominatin’ with a vengeance. Ethereum ain’t lettin’ go either. Others? Oh boy, they in the red zone. Hold on tight, peeps!
Bitcoin’s showin’ off its muscle with the highest dominance in a year. Ethereum keepin’ steady. Top cryptos gettin’ smacked, though. Who knows where the market’s headin’ next?