Bitcoin dominance fell below 40% for the first time in 6 months – Bitcoin News Market Updates

Bitcoin dominance fell below 40% for the first time in 6 months – Bitcoin News Market Updates

Over the past week, the price of bitcoin has been hovering below the $ 60,000 range, and proponents of digital currencies are wondering in which direction the market will move further. At the time of writing, the crypto-economy is estimated at $ 2.81 trillion, and bitcoin market dominance has fallen below 40% of the region for several days.

Bitcoin dominance fell to 39.7%, while Ethereum dominance commands 19%

Price from bitcoin (BTC) reached $ 69K on November 10, and six days later, on the 16th, the price fell below the $ 60K zone and has not returned above that region since. Today, according to cryptocurrency market aggregators, about 11,117 coins are traded on 525 cryptocurrency exchanges. The value of all more than 11,000 existing crypto coins is about $ 2.81 trillion and has grown by 3.9% in the last 24 hours.

Bitcoin dominance fell below 40% for the first time in 6 months
Bitcoin (BTC) and ethereum (ETH) dominance levels on Thursday, November 25, 2021, at 12:00 (EST).

Bitcoin (BTC) has a total market capitalization of about $ 1.1 trillion and on Thursday, November 25, BTC dominance is 39.7%. BTCHis dominance was not so low from mid-May 2021, or about six months ago. The last time it was less than 40% before the fall in mid-May three years ago, on June 17, 2018. Statistics with indicate that the second leading crypto asset, ethereum (ETH), has about 19% market dominance on Thursday. Ether has a market value of about $ 525 billion at the time of writing.

While ethereum (ETH) has a significant share of dominance, a multitude of other crypto assets in the top 20 positions also grow in value and increase their own dominance. Binance Coin (BNB) occupies 4.02% of the $ 2.81 trillion crypto economy and stable money connection (USDT) occupies 2.74%. Solana (SOL) has risen significantly in value this year and currently SOL has 2.43% of the total value of the crypto economy. Cardano (ADA) is another that holds more than 2% as IT’S HERERussia’s market value on Thursday is 2.13% of the crypto economy.

11,116 crypto assets order $ 1.71 trillion worth of fiat

Only five other crypto assets have more than 1% of the fiat value of the crypto economy, and six coins have more than 0.5% of the value of $ 2.81 trillion. Interesting, bitcoin (BTC) dominance has been above the 60% range for two months this year, but BTC dominance fell below 60% in late February. Another interesting fact is that BTC dominance held above 80% of the region throughout its lifetime (minus a few short cases) until the end of February 2017.

BTCDominance never returned above the region of 80%, but it reached 70% on January 3, 2021, on the 12th anniversary of the network. Bitcoin has much more competition than in the early days, as before 2013 there were only a few hundred competitors. Until the time BTC slipped below the dominance range of 80% in 2017, there were several thousand alternative digital assets. however BTC holds its own with $ 1.1 trillion in fiat value while 11,116 crypto assets hold $ 1.71 trillion in fiat value.

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What do you think about the dominance of bitcoin sinking below the 40% zone? Tell us what you think about this topic in the comments section below.

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