Bitcoin Dominance Falling

[TomPluz]

Altcoins have risen to a three-year dominance high after tagging a record combined capitalization of nearly $1.5 trillion last week.

While Bitcoin tumbles in response to Elon Musk’s Twitter account yet again, altcoin dominance has surged to its highest level in roughly three years.

As of this writing, Bitcoin (BTC) represents 40.3% of the combined crypto asset capitalization — the lowest it has been since June 2018, according to CoinMarketCap.

Bitcoin hit a market dominance low of 33% in January 2018 when it was cooling from its previous peak, while the altcoins were just hitting theirs. It is currently not far off its second-lowest level of 36% of three years ago in May 2018.

Source: https://cointelegraph.com/news/bitcoin-market-dominance-falls-to-three-year-low-of-40


As the price of Bitcoin plummeted, its market share dominance also faltered. Right now, it is below 40% and if the dip can continue then its dominance will also be going down. What does it mean and will this be good news to altscoins?

[Fenix]

Bitcoin's price dominance has really fallen lately and in general it was good for altcoins. However, yesterday and today I have already noticed a decent increase in this dominance. So, if yesterday the dominance of bitcoin increased from 39.8 to 41.6 percent, then this morning it is already 44.2 percent. At the same time, ethereum's dominance has dropped 18.8 percent since yesterday to the current 17.7 percent. Let's see how this indicator will change in the future.

[Richard_1]

No matter how they talk about the freedom of altcoins from bitcoins, this dependence will always exist. The current fall in bitcoin has clarified this relationship. It's just that some altcoins are more dependent, others are less dependent.