BTC dominance reached 40.2%
Bitcoin dominance on the market fell to the indicators of 2018. It was a difficult week for the main digital currency in the market, which pushed its dominance drop to the lowest value of 40% in the last three years.
Such numbers are not at all pleasing to the crypto community, which saw the dominance of the main crypto asset overstep an important psychological mark of 50% in the summer of 2019, and then skyrocketed to almost 70% in January this year. Bitcoin showed its minimum value in the market at the beginning of 2018. January of that year was remembered for 33% of the indicator. At the same time, the dominance of BTC was more than 80% in the early years of its appearance, until in 2017 it fell to 45% amid the boom in altcoins and ICOs.
Ethereum decided not to follow the example of falling Bitcoin, taking a confident position of more than 19% of the market and more than 30% of the total cap of the altcoin market. BNB exchange tokens “took away” 4% of the cap, followed by Cardano with 3.3% and Dogecoin with 3%. As for the altcoin market, BNB took 6.7%, ADA 5.5%, and DOGE lagged slightly behind the latter with 5%.
One of the reasons for the fall in the community is the statement by Elon Musk that Tesla can liquidate its assets in the equivalent of BTC. Against the background of this news, the main digital currency on the market “sank” by 15% in less than 24 hours.
Bitcoin is now priced at $44,860 on Binance and has a market cap of $845 billion, according to CoinMarketCap.