Countless Competitors Are Catching Up on Bitcoin

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Talloze concurrenten lopen in op BitcoinTalloze concurrenten lopen in op Bitcoin

Other competitors are catching up with the most popular digital currency Bitcoin.

Bitcoin is the most famous and most valuable digital currency in the world. Still, it

is currently losing value, while other coins are rising. Bitcoin’s dominance has fallen 37% to its lowest level in just over three and a half years since June 3, 2018. Last year, in late March, Bitcoin dominance hovered just above 60%. But since then, countless market caps for digital assets have risen in value and have gradually gained prominence in the market rankings.

Competitors are catching up with Bitcoin

There is therefore a huge amount of competition. Everyone tries to take advantage and invents a coin. At present, there are approximately 12,247 crypto assets, which are traded on 542 exchanges worldwide. During the first few years, Bitcoin dominance was well above the 90% range, in terms of market cap dominance. There was very little competition then. The highest dominance was registered in the month of May 2013, at which time the BTC dominance was 94%. This was measured against crypto assets such as Namecoin, Novacoin, Litecoin, Terracoin, Feathercoin and Freicoin. Between May 2013 and February 2017, Bitcoin’s market dominance remained above 80%.

Domination

Since February 2017, However, Bitcoin has not been able to jump back above the 80% zone and it has only been a little over a year, last January, reached 70%. Bitcoin’s dominance is currently hovering at 37.7%, while Ethereum (ETH) is hitting 18.6%.

Tether, Binance Coin, Solana , USD coin, Cardano and XRP have more than 15% of the crypto economy. Yes, Bitcoin is still the biggest but the other coins are catching up. Experts don’t think this is a problem, because market dominance of one coin is not good for the market.

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