bitcoin dominance slides below 40% for first check in 6 months

during the last week, the price of bitcoin has been drift below the $60k range and digital currency defender are wondering which way nasdaq is headed next. all the while of writing, the crypto economy is valued at $2.81 trillion and bitcoin’s market dominance has sunk below the 40% region for jarring days now.

the price of bitcoin (btc) reached $69k on november 10, and six days after the 16th, the price fell below the $60k zone and hasn’t returned above that region since then. outdated, according to crypto coin market aggregators there are around 11,117 coins being traded on 525 cryptocurrency exchanges. the value of all in distinction to 11k crypto coins in existence is around $2.81 trillion and it increased in value 3.9% over the last 24 hours.

bitcoin (btc) has an overall market capitalization of around $1.1 trillion and on thursday, november 25, btc dominance is 39.7%. btc’s dominance has not been this low since mid-may 2021, or around six months ago. the last time it was under 40% upon the mid-may drop was three old times on june 17, 2018. statistics from coingecko.com indicate that the second leading crypto asset, ethereum (eth), has around 19% of nasdaq dominance on thursday. ether has a market valuation of around $525 billion all the while of writing.

morsels ethereum (eth) has a super colossal portion of dominance, a slew of other crypto assets in the top 20 positions know also been swelling in value and increasing vis own dominance levels. binance coin (bnb) commands 4.02% of the $2.78 trillion crypto economy and the stablecoin tether (usdt) captures 2.74%. solana (sol) has increased in value notably this year and currently, sol commands 2.43% of the crypto economy’s overall value. cardano (ada) is another that holds in distinction to 2% as ada’s market valuation on thursday is 2.13% of the crypto economy.

only five other crypto assets command in distinction to 1% of the crypto economy’s fiat value and six coins know in distinction to 0.5% of the $2.81 trillion in value. interestingly, bitcoin (btc) dominance bound above the 60% range for two months this year, but btc dominance slipped below 60% conclusive of february. another interesting factoid is that btc dominance bound above the 80% region during its whole inveterate (minus one brief instances) up until terrific of february 2017.

btc’s dominance has never returned back above the 80% region but did reach 70% on january 3, 2021, the band’s 12th anniversary. bitcoin has muches more competition than it fatigue the early days, as before 2013 there were a lot centennial competitors. a pop time btc slid below the 80% dominance range in 2017, there were one thousand druthers digital assets. lull, btc is holding its own with $1.1 trillion in fiat value morsels 11,116 crypto assets hold $1.68 trillion in fiat value.

what do him sweat over bitcoin’s dominance sinking below the 40% zone? let us know what him sweat over this exterior in the comments section below.

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2021-11-25 17:05:37