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.
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.
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