On June 10, 2023, bitcoin is dominating with a market capitalization dominance of 47.5%, marking its highest level since this time last year, according to coinmarketcap.com. Meanwhile, ethereum’s dominance is holding steady at 20%, indicating that the recent dominance gains made by these two crypto assets have come at the expense of other digital currencies.
Bitcoin Dominance Rises While Ethereum’s Dominance Remains Resilient; Many Other Crypto Competitors Have Not Been So Lucky
As of Saturday, June 10, bitcoin (BTC) is still the undisputed leader with a market valuation of $496 billion, accounting for 47.5% of the entire crypto economy’s $1.04 trillion market capitalization. However, BTC has experienced a slight dip of 3.32% in the past day and 5.79% over the week against the U.S. dollar, according to current data. Interestingly, while BTC has weathered the storm relatively well, many other top crypto assets, particularly those in the top 20, have taken a much harder hit in terms of value loss.
The top 20 crypto assets have seen some major losses this week, with a handful of them experiencing double-digit dips. BNB, ADA, TRX, SOL, MATIC, DOGE, LTC, DOT, AVAX, SHIB, and ATOM are among the biggest losers. In comparison, ethereum (ETH), the second leading crypto asset, only lost 8.29%. While BTC did experience a brief surge in dominance to 47.18% on June 5, its current dominance rating is even higher at 47.5%. Interestingly, the last time BTC’s dominance was this high was almost exactly a year ago on June 11, 2022, when it was hovering at around 47.49%.
While BTC is currently dominating the crypto world, ethereum has managed to hold its own with a 20% dominance rating and a market capitalization of $208 billion. Meanwhile, the stablecoin tether (USDT) is still going strong with a market valuation of $83.39 billion, accounting for 7.96% of the total $1.04 trillion in value.
Interestingly, BTC has not come close to breaching the 50% and 60% range it saw in 2019, 2020, and early 2021. It hit the 47.37% mark in terms of dominance on July 31, 2021 However, it wasn’t until May 2021 that BTC last saw its dominance level reach its current high. It remains to be seen whether BTC will continue to climb in the dominance arena, drop lower, or plateau at its current level.
What are your predictions for the future of Bitcoin’s dominance and the overall crypto market? Share your thoughts and opinions about this subject in the comments section below.