Bitcoin Regains Over 60% Crypto Market Dominance For First Time in 7 Months

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 Dominance

Bitcoin’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 Capitalization

Following 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!

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Images courtesy of Shutterstock, Coinmarketcap

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