RATE Group | Bitcoin Dominance Is Crashing — Here’s Why
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Bitcoin Dominance Is Crashing — Here’s Why

28 Sep Bitcoin Dominance Is Crashing — Here’s Why

Posted at 11:47h in Bitcoin News by

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Bitcoin dominance — bitcoin’s share of the total cryptocurrency market capitalization — has been in freefall in the second half of this month after hitting year-to-date highs in mid-September.

Bitcoin’s contribution to the total cryptocurrency market capitalization has dropped to just above 50%, down from almost 60% earlier in the month (according to CoinMarketCap data), as other major cryptocurrencies experience a revival, boosted by big wins for ripple (XRP), bitcoin cash, and litecoin. 

In August, bitcoin dominance hit 50% for the first time this year, after beginning 2018 at some 37%, as many of the so-called altcoins that had surged throughout 2017 were heavily sold off.

A woman dressed in a t-shirt with cryptocurrency logos shows a visual representation of the cryptocurrency bitcoin on February 1, 2018, in Paris, France. (Photo by Chesnot/Getty Images)

Bitcoin currently has a market cap of $117 billion, down from $127 billion at the…

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