By Lucas Williams
The price of the world’s pioneer cryptocurrency, Bitcoin has hovered just below the $60K range in the last week and this has prompted digital currency advocates to wonder about the direction of the market. The value of the entire crypto space at the time of writing is about $2.81 trillion and the market dominance of bitcoin has fallen below the 40% region for the first time in six months for a couple of days now. On November 10th, Bitcoin’s price had reached the $69,000 mark and only six days later, the price plunged to go below the $60K zone.
Since the 16th of September, the price of Bitcoin has not gone up. As per the data provided by crypto coin market aggregators, currently there are a total of 11,117 coins that are being traded across 525 crypto exchanges. As mentioned earlier, the total value of the cryptocurrencies being traded in the market is approximately $2.81 trillion and there has been an increase in value in the last 24 hours of about 3.9%. On November 25th, Thursday, the overall market capitalization for the top cryptocurrency in the market was $1.1 trillion, which means that BTC’s dominance is around 39.7%. The last time that Bitcoin’s dominance went this low was six months ago back in mid-May.
Before the drop in its dominance mid-May, it had gone lower than 40% three years ago on 17th June, 2018. Coingecko.com has provided statistics showing that the second-largest cryptocurrency in the market, ethereum (ETH) has a market dominance of about 19% on November 25th, Thursday. At the time of writing, the overall market value of Ether was approximately $525 billion. While a significant portion of the dominance does belong to Ethereum, there are a slew of other cryptocurrencies in the top 20 spot that have also seen their value increase, which means their dominance levels have also gone up.
Of the total $2.81 trillion of the crypto market, 4.02% belongs to Binance Coin (BNB) and 2.74% has been captured by the stablecoin Tether (USDT). There has been a significant increase in the value of Solana this year and currently it has a share of 2.43% of the overall crypto economy. Another cryptocurrency that has more than 2% share of the crypto market is Cardano (ADA), as its market value on Thursday stood at about 2.13% of the overall market value. There are only five other assets that have more than 1% share of the fiat value of the crypto economy and six coins hold more than 0.5%.
It is interesting to note that Bitcoin’s dominance had remained above 60% this year for about two months. By the end of February, its dominance had fallen below this mark. Another interesting fact is that Bitcoin has held a market dominance of over 80% throughout its whole lifetime until the end of February, 2017, with the exception of a few instances. Its dominance never returned to the 80% region after that, but did hit 70% on January 3rd, 2021 on the 12th anniversary of the network.