Bitcoin is one of the oldest cryptocurrencies in the market. It is due to it that other cryptocurrencies even exist. It’s for the first time in 2018, that the currency has hit a dominance of more than 50%.
For those who aren’t aware of the term “Bitcoin Dominance rate”, It is the percentage of market share Bitcoin has in the cryptocurrency market. This means, if total cryptocurrency market cap is $208 billion, Bitcoin accounts for 50% of it i.e. $104 billion.
The cryptocurrency market cap touched $813 billion on 8th January 2018 and is currently $208 billion. During January, Bitcoin’s dominance was in between 30-40% and currently it’s around 50% this means, the holders of other coins have cashed out or converted into Bitcoin. This also brings us to the conclusion that Bitcoin holders trust more in cryptocurrencies than other cryptocurrency holders.
As seen in the above charts, Bitcoin has gained around 13% market share while other cryptocurrencies have lost. Ethereum has fallen by 2.87%, Bitcoin Cash has lost around 1.05%. The currency which has lost huge percent of their market share include Ripple, Dash, and NEO.
Bitcoin is one of the oldest cryptocurrencies so in the past it has been dominant by more than 95% and till 2017 its dominance was above 80%, However, with an increase in the number of cryptocurrencies in the market, people diversified their portfolio by investing into them.
Some of the cryptocurrencies are even fast and powerful than Bitcoin, but a majority of people reportedly trust Bitcoin more than other cryptocurrencies. That’s the reason why they’ve not been able to take over it yet.
