For the previous week, the value of bitcoin has remained below $60,000, putting digital currency audiences questioning where the economy will go after that. The crypto economy is rated at $2.81 trillion at the time of posting, and bitcoin’s market dominance has been below 40% for a few days.
Bitcoin’s dominance has slipped to 39.7%, whereas Ethereum’s dominance has risen to 19%.
On November 10, the value of Bitcoin (BTC) reached $69,500, but six days later, on November 16, it plummeted below $60,500 and hasn’t risen over that level since. As per market analysts, there are around 11,117 currencies exchanged on 525 crypto exchanges currently. The total value of the more than 11 thousand crypto coins in circulation is roughly $2.81 trillion, up 3.9 percent in the last 24 hours.
Bitcoin (BTC) has a market valuation of roughly $1.1 trillion, with BTC dominance at 39.7% on Thursday, November 25. BTC’s market share hasn’t been this low since mid-May 2021, over six months ago. It was three years ago on June 17, 2018, that it was lower than 40% previous to the mid-May decline. According to Coingecko.com, the second most popular cryptocurrency, Ethereum (ETH), has roughly 19 percent market dominance on Thursday. At the time of this post, Ether has a market capitalization of roughly $525 billion.
While Ethereum (ETH) has a large share of the market, a host of other crypto assets in the top 20 have been rising in value and expanding their own levels of dominance. Binance coin (BNB) controls 4.02 percent of the $2.81 trillion crypto market, while Tether (USDT), a stablecoin, has 2.74 percent. Solana (SOL) has had a significant gain in value this year, accounting for 2.43 percent of the whole value of the crypto market. Cardano (ADA) is another cryptocurrency that possesses more than 2 percent of the market, with a market valuation of 2.13 percent of the crypto market on Thursday.
The value of 11,116 crypto assets is $1.71 trillion in fiat currency.
Just five additional crypto assets are worth more than 1% of the $2.81 trillion in the crypto economy’s fiat worth, while six coins are worth more than 0.5 percent. However, at the end of February Bitcoin’s (BTC) dominance held over 60 percent for two months this year before dropping below 60 percent. Another intriguing statistic is that BTC’s dominance remained above 80% for the most of its existence (with a few exceptions) until the end of February 2017.
The bitcoin’s dominance has never risen above 80%, however, it did approach 70% on January 3, 2021, the coins’ 12th anniversary. Bitcoin now has a lot more competition than it had in the beginning when it just had a few hundred rivals. By the period Bitcoin slipped underneath the 80 percent dominance level in 2017, there were a few thousand competing cryptocurrencies. Despite this, BTC is holding its own fiat worth of $1.1 trillion, while 11,116 crypto assets have a fiat value of $1.71 trillion.