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Last week, the price of Bitcoin has been hovering below $60,000, and digital currency advocates want to know where the market is heading next. At the time of writing, the value of the crypto economy is $2.81 trillion, and Bitcoin’s market dominance has fallen below the 40% area for several days.
Bitcoin’s dominance fell to 39.7%, while Ethereum’s dominance was 19%
the price of Bitcoin (BTC) On November 10, it reached US$69,000. Six days later, on the 16th, the price fell below the US$60,000 area and has not returned to the top of the area since then. Today, according to data from cryptocurrency market aggregators, there are approximately 11,117 currencies traded on 525 cryptocurrency exchanges. The value of over 11,000 existing cryptocurrencies is approximately US$2.81 trillion, and their value has increased by 3.9% in the past 24 hours.
Bitcoin (BTC) The total market value is about 1.1 trillion U.S. dollars. On Thursday, November 25, Bitcoin The dominant position is 39.7%. BitcoinDominance is not so low Since mid-May 2021, Or about six months ago. The last time it fell below 40% before the fall in mid-May was on June 17, 2018, three years ago. Statistical data Data from Coingecko.com shows that the second largest crypto asset, Ethereum (ETH), Has a market dominance of about 19% on Thursday. At the time of writing, the market value of Ethereum is approximately $525 billion.
although Ethereum (ETH) Owning a large portion of the dominance, the value of many other crypto assets in the top 20 is also expanding and increasing their dominance. Binance Coin (BNB) Controls 4.02% of the $2.78 trillion crypto economy and stablecoins Tether (USDT) Accounted for 2.74%. Solana (SOL) This year, the value of SOL has grown significantly. Currently, SOL accounts for 2.43% of the overall value of the encryption economy. Cardano (ADA) Is another holding more than 2% as HaveThe market valuation on Thursday was 2.13% of the crypto economy.
11,116 crypto assets have a legal value of US$1.68 trillion
Only five other crypto assets account for more than 1% of the legal value of the crypto economy, and six cryptocurrencies account for more than 0.5% of the US$2.81 trillion value. Interestingly, Bitcoin (BTC) The dominant position remained above 60% in the two months of this year, but Bitcoin At the end of February, the dominant position fell below 60%.Another interesting fact is Bitcoin Until the end of February 2017, the dominant position in its entire life cycle (minus some brief examples) remained above 80% of the area.
BitcoinIts dominance has never returned to more than 80% of the region, but on January 3, 2021, the 12th anniversary of the establishment of the network, it did reach 70%. Bitcoin’s competition is much greater than in the early days, because before 2013, there were only a few hundred competitors.by the time Bitcoin In 2017, it fell below the 80% dominant range, and there are thousands of alternative digital assets. still, Bitcoin It has a legal currency value of 1.1 trillion U.S. dollars, and the legal currency value of 11,116 crypto assets is 1.68 trillion U.S. dollars.
What do you think of Bitcoin’s dominance falling below the 40% area? Please tell us your thoughts on this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons, Coingecko.com,
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