Bitcoin’s Dominance Index has slid 10% from a high of 67% on May 10, to a low of 57% today. Despite the defi market shakeout, ethereum still captures 10% of the aggregate market capitalization of $330 billion.
Bitcoin Dominance Slides Losing 10% in the Last 100 Days
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There’s been a number of changes in the top ten line up of coins, as bitcoin ( BTC) has been losing dominance since May 10. Market dominance is the measurement of the top coins, in terms of market valuation, compared to the aggregate of all 6,700+ crypto coins.
BTC has consistently commanded the top dominance level in the cryptocurrency economy and today it’s about 57% of the market value. That’s 10% lower than it was in mid-May, as bitcoin ( BTC) has slid consecutively downwards for the past 118 days.
Within the hundred-day time frame, ethereum ( ETH) has been the force eating away at BTC’s dominance level. Presently, ETH captures 10% of the crypto economy’s valuation. This is after the intense market-beating ETH and it’s myriad of ERC20 token offspring took on Saturday.
In fact, during the beginning of last week (Aug 30), Ethereum dominance touched a 2020 high at 12.9%. Chainlink (LINK) is also in the top ten with a $4.2 billion market cap on Sunday, which is only 1.27% of the aggregate market valuation.
Bitcoin Cash ( BCH) has also seen its dominance percentage drop during the last few weeks. In fact, just before the November 2018 blockchain split that produced bitcoinsv ( BSV), BCH has slid from 4.37% to a low of 1.2% on September 6, 2020.
The percentage has not been that high since the fork in 2018, and has continued to drop significantly since then. In February 2020, BCH did touch a 2020 dominance percentage high with 2.84% on February 9. Since then, BCH has remained above 1.5% up until this weekend’s market carnage leading to 1.2%.
Data shows that the new arrival Polkadot (DOT) has managed to join the top ten and it captures 1.1% of the overall market cap. XRP has 3.4%, Litecoin ( LTC) around 1.1%, bitcoinsv ( BSV 0.97%), and binance coin ( BNB) with 0.91%. The rest of the 6,700+ digital assets in existence capture around 16.9% on Sunday.
What do you think about bitcoin’s dominance levels today? Let us know what you think in the comments below.
