The world’s largest cryptocurrency is facing a sharp decline in its market dominance as other digital currencies are posting strong gains. XRP, Binance Coin, and Ethereum have jumped significantly in the last 24 hours. According to the Coinmarketcap data, Bitcoin’s market dominance stands at around 55.9%, its lowest level since May 2019. The entire market capitalization of cryptocurrencies has reached $1.95 trillion, its highest level on record.
ETH registered an all-time high of $2,140.
The world’s second-largest crypto-asset, Ethereum, has gained nearly 20% in the last seven days. ETH registered an all-time high of $2,140 on 3 April after significant retail and institutional demand surge. ETH’s current market cap stands at around $240 billion as the cryptocurrency has a market dominance of 12.3%. “XRP price is rising as Bitcoin’s market cap dominance is decreasing. It now sits at 55%. In the last market cycle, BTC dominance shrunk to roughly 35%, and I’ll not be surprised to see something like that again this cycle,” a crypto researcher noted. XRP and BNB have gained substantial value in the last seven days.
BTC’s market dominance reached a high of nearly 70% in January 2021.
The world’s leading cryptocurrency market dominance touched a low of 32.8% during the last bull season in January 2018. Bitcoin’s market dominance reached a high of nearly 70% in January 2021. Bitcoin is losing its market dominance sharply since the start of this year. Cryptocurrencies like Ethereum, XRP, Binance Coin, Polkadot, Uniswap, and Chainlink have posted strong gains in the last 13 weeks. DeFi boom and a growing interest in non-fungible tokens (NFTs) have also played an important role in Bitcoin’s recent market dominance dip.