fbpx

Bitcoin Dominance Hit New Low: Who Are the Biggest Gainers of the Altseason?

Being the pioneer cryptocurrency, Bitcoin has enjoyed a significant industry share. In the early days, Bitcoin dominated as much as 96% of the market. However, as the industry evolves, newer cryptocurrencies have begun to take a substantial stake in the market.

Although 2021 has been a great year for Bitcoin, its market dominance has consistently dropped over the last 11 months. However, the December market correction has resulted in the sharpest decline in the Bitcoin market dominance.

While Bitcoin has gained 70% year-to-date, Ethereum has gained more than 500%, Binance Coin (BNB) has gained 1,460%, Solana (SOL) has gained 10,100%, Cardano (ADA) has gained 680%, Ripple (XRP) has gained 310%, and Polkadot (DOT) has gained 240%.

Bitcoin Dominance to Lowest Point Since February 2018

At the start of 2021, Bitcoin contributed more than 70% of the global crypto market cap. However, retail and institutional interest in altcoins increased as the year unfolded. In addition, year-to-date, many altcoins outperform Bitcoin in terms of gains.

The growth of altcoins has led to the shrinkage in Bitcoin’s dominance. As the market corrected, Bitcoin’s dominance fell as low as 37.18%, the lowest since February 2018. Year-to-date, Bitcoin’s dominance is down by 43%. 

The year-to-date Bitcoin dominance index chart. Source: Tradingview

At the time of this writing, Bitcoin’s dominance has recovered above 40.4% as the price of BTC approaches $50k.

On the Flipside

  • The closest to Bitcoin’s dominance is Ethereum. However, Bitcoin’s 40.46% is significantly higher than Ethereum’s 20.1%

Why You Should Care

Although Bitcoin remains the largest cryptocurrency, altcoins are slowly taking over market share from Bitcoin.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

    You can always unsubscribe with just 1 click.

    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

    Rate This Article
    In order to improve, we give you the opportunity to rate DailyCoin content
    Author

    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.