This week, the bitcoin market dominance among the market cap of all 12,046 existing crypto assets exceeded 38%, while the overall Ethereum valuation dominates 19%. A report released on Monday shows that since 2014, the altcoin market share has tripled from 21% in 2014 to 62% today.
Report Says ‘The Tide Is Turning’, Altcoins ‘Gaining Ground on Bitcoin’
A report published by tradingplatforms.com and author Edith Reads shows that the value of altcoins has swelled over the past seven years. The author’s report explains that “the tide is turning” and altcoins “are gaining ground on BTC as their popularity continues to soar. It is well known that since the inception of Bitcoin, BTCthe market dominance of all other existing crypto assets was over 80% until February 2017. On Feb. 26, 2017, BTC had a market dominance rating of 86% and has never returned above the 80% range since that day.
âSince 2014, the Altcoin market share has been on an upward trajectory,â explains the author of tradingplatforms.com. Read notes that as of December 9, 2021, altcoins accounted for 62% of the market share. âThis number represents a tripling of their dominance over the past seven years. They tripled from a 21 percent market share to the current 62 percent figure, âthe Reads study adds.
The report goes on to share the growth of the altcoin space and the growing interest in altcoins. “The growth of [the] the dominance of the altcoin market is indicative of a shift in thinking about crypto assets, âReads said. âMany adopt them as alternatives to BTC. As the crypto space continues to expand, BTCdominance will come under increased pressure, ânotes the researcher from tradingplatforms.com.
The author of the study claims that “market capitalization is a crucial factor in crypto rankings”
The author asserts that market share dominance is an important and BTCthe market share of has declined. âIn December 2014, [BTCâs] market capitalization stood at 78%, âthe study said. “But that position continued to erode to stand at 38% when the study was published.” Read the opinion further:
Higher market dominance in most cases translates into higher market capitalizations. Market capitalization is a crucial factor in crypto ranking. Large caps suggest safe investment options, as these cryptos tend to be less volatile. Essentially, it is an indicator of the stability of the asset.
Today there are over 12,000 cryptoassets that have a recorded price value according to coingecko.com metric. While the ethereum (ETH) commands 19.1% of the $ 2.54 trillion, many other coins also have decent shares of the overall crypto economy. BNB has a market dominance of 3.64% and the stablecoin tether (USDT) at about 3.06%. Solana (SOL), the fifth largest crypto market cap today, captures 2.45% of the $ 2.54 trillion and cardano (ADA) commands 1.97% of the crypto economy.
The study from tradingplatforms.com insists that there are a few advantages that altcoins have over BTC including ‘gaining ground in the [decentralized finance] sector. âReads opinions that in terms of scaling,â altcoins are built on better blockchain technology. âShe says that BTC also deals with a lot of people who care about the environment and Reads mentioned that “Elon Musk was a vocal critic.”
What do you think of the study from tradingplatforms.com and Edith Reads’ opinions regarding the dominance of crypto market share today? Let us know what you think of this topic in the comments section below.
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