Bitcoin Regains Over 60% Crypto Market Dominance For First Time in 7 Months
Samuel Haig November 5, 2017 Bitcoin Cryptocurrency Ethereum 0
As of this writing, bitcoin has a market dominance of 62.7% – representing more than 60% of the entire cryptocurrency markets for the first time since April 2017. Also Read: Markets Update: Cryptocurrency Market Cap Now Commands $200 Billion
Bitcoin Continues to Reclaim Market DominanceBitcoin’s current total market capitalization is more than $126.5 billion USD – currently comprising approximately 62.7% of the $202 billion USD cryptocurrency markets. At the beginning of 2017 bitcoin had a market dominance of approximately 87% percent, as bitcoin confidently ramped up to test the $1000 USD area for the first time since December 2013. Starting in March, many altcoin markets started to rally, with many leading altcoins making gains of over 1000% in a matter of just weeks. The ensuing altcoin bubble quickly gave birth to an initial coin offering bubble as well – both of which eroded bitcoin’s market dominance, which reached a historic low of just under 40% in June. Bitcoin quickly bounced back to hover around the 50% dominance area from mid-July until October. During October bitcoin’s market dominance steadily rose from 50% to 60%.
Ethereum Comprises the Second Largest Cryptocurrency Market, Accounting 14% of the Total Market CapitalizationFollowing Ethereum’s first major rally in 2016, ETH fell from holding approximately 10% market dominance, down to less than 4% at the start of 2017. During the altcoin bubble, Ethereum sharply increased its market share, reaching a peak of approximately 30% during June. Since June, Ethereum’s market dominance has steadily fallen. The third largest cryptocurrency is Bitcoin Cash, which comprises 4.9% of the total market cap of all cryptocurrencies – down from a top of 8.06% on the 20th of August. The fourth largest market is Ripple – accounting for 3.84% of all crypto markets. Fifth is Litecoin – with 1.45%, followed by Dash – 1.03%, Neo – 0.84%, Nem – 0.75%, and Monero – 0.66%. According to the data available on Coinmarketcap, the remaining 1251 cryptocurrency markets combined account for 9.26% of the total crypto market cap. At the end of October, bitcoin’s market cap broke above $100 billion USD for the first time ever. Do you think that bitcoin will continue to regain its market dominance over altcoins? Share your predictions in the comments section below!
Images courtesy of Shutterstock, Coinmarketcap
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