ada, BCH, Bitcoin (BTC), bitcoin dominance, bnb, BTC, BTC Dominance, Doge, dogecoin, ETH, ETH dominance, Ether dominance, Ethereum, Ethereum (ETH), USDT, XRP

The crypto economy has dropped significantly in value during the last few days tapping a low of $2.06 trillion on Monday. Additionally, the leading crypto asset bitcoin has seen its market dominance drop to 40% of the crypto economy’s overall valuation. Bitcoin’s dominance index hasn’t been this low since June 2018.

Bitcoin Dominance Drops to the Lowest Point Since 2018

At the time of writing, the cryptocurrency economy is worth roughly $2.06 trillion, as far as the value of all 9,869 digital currencies in existence is concerned. Furthermore, bitcoin’s (BTC) market valuation captures 40% of the entire crypto market capitalization.

ada, BCH, Bitcoin (BTC), bitcoin dominance, bnb, BTC, BTC Dominance, Doge, dogecoin, ETH, ETH dominance, Ether dominance, Ethereum, Ethereum (ETH), USDT, XRP
At press time, bitcoin (BTC) dominance levels or the percentage of its total market valuation in comparison to the entire crypto economy is 40% on Monday. Ethereum’s overall market valuation captures 19.15% on May 17, 2021.

This measurement is much lower than it has been in a while, as the first week of January saw BTC dominance at 69.7%. Bitcoin’s dominance index has been steadily dropping since then, even after the crypto asset tapped all-time price highs weeks later.

The reason for this loss in BTC dominance stems from a number of digital currencies competing for the crypto asset’s market position. In fact, most of the top ten digital currencies in terms of market cap, have gathered a great deal of value against BTC.

It is well known that ethereum (ETH) has been eating BTC dominance in recent weeks and ETH’s overall valuation captures 19.15% of the economy’s market valuation on Monday. Ethereum continues to gain on BTC and the U.S. dollar, and some people think ETH’s market cap could flip BTC’s overall market valuation in due time.

Top Ten Digital Assets Gain Against Bitcoin’s Market Advantage

Besides ETH, three other tokens capture 3-4% of the crypto economy’s market valuation on Monday. This includes BNB, ADA, and DOGE, while bitcoin cash (BCH) down to tether (USDT) commands 1-2% of the crypto economy’s capitalization.

ada, BCH, Bitcoin (BTC), bitcoin dominance, bnb, BTC, BTC Dominance, Doge, dogecoin, ETH, ETH dominance, Ether dominance, Ethereum, Ethereum (ETH), USDT, XRP
While the top ten crypto assets are eating away at bitcoin (BTC) dominance levels, ethereum (ETH) is the only one close enough to cause a ‘flippening.’

The decentralized exchange (dex) Uniswap and its native token UNI holds the tenth market position today and around 0.95% of the entire economy. In fact, the top ten market positions all the way to the fifteenth position all have between .50-0.94% of the whole global crypto capitalization.

It is interesting to note, that up until February 26, 2017, bitcoin (BTC) held an above-average dominance level between 84% to 95% since the day the Bitcoin network came to life. Bitcoin’s dominance level dropped significantly after the second month of 2017, and dipped to 37% on June 18, 2017.

Bitcoin’s market dominance level also dropped lower than that on January 14, 2018, when it slid to 32%. Hardcore BTC supporters are convinced the coin will never lose the top position, while others believe a ‘flippening’ is inevitable.

What do you think about bitcoin’s dominance level dropping to 40% while ethereum’s climbs past 19%? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Doge in Brooklyn: A Local Apparel Store Starts Accepting the Famed Crypto

On the heels of the SpaceX announcement that the company accepted dogecoin as payment, an apparel store on Brooklyn’s colorful Flatbush Avenue took the jump as well into the deep, cold Doge waters. Brick-and-Mortar Is Another Brick in the Crypto Adoption Wall Crypto adoption has been widely and thoroughly discussed in the media and on […]

Xem chi tiết: Doge in Brooklyn: A Local Apparel Store Starts Accepting the Famed Crypto

Report: Document Shows Specific Bitcoin Miners in Xinjiang Instructed to Shut Down

An official notice stemming from the Changji prefecture government in Xinjiang details that officials from the Zhundong Economic-Technological Development Park must instruct bitcoin miners to shut down. China’s province of Xinjiang is a highly concentrated region of bitcoin miners and bitcoin activities at the park must cease by June 9, according to the document. Nevertheless, […]

Xem chi tiết: Report: Document Shows Specific Bitcoin Miners in Xinjiang Instructed to Shut Down

Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Two months after the mystery mining whale from 2010 transferred a string of 20 block rewards with 1,000 bitcoin on March 23, it seemed as though the entity was finished, after spending 10,000 bitcoin total. However, it took 78 days for the whale’s next move, as another 20 blocks from 2010 were transferred on Wednesday […]

Xem chi tiết: Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Commodity Strategist Mike McGlone Says $40K BTC Target ‘More Likely’ Than $20K

Bloomberg Intelligence senior commodity strategist Mike McGlone believes bitcoin is “more likely†headed for $40K instead of $20K after discussing the possibility of capitulation in a recent tweet. McGlone’s opinion follows a number of predictions that say bitcoin could drop to the $20K zone if there’s more pullback in the cards. Bloomberg Commodity Strategist Suggests […]

Xem chi tiết: Commodity Strategist Mike McGlone Says $40K BTC Target ‘More Likely’ Than $20K

Crypto Payments App Bottlepay Is Now Available Across Europe

U.K.-based crypto payments provider Bottlepay has started offering services in other European countries. Users on the Old Continent will be able to send and receive even small amounts of euro and also buy, store and spend bitcoin with merchants accepting cryptocurrency. Bottlepay Promises Low-Cost Transactions in Euro and Bitcoin The Bottlepay app will allow Europeans […]

Xem chi tiết: Crypto Payments App Bottlepay Is Now Available Across Europe

Bitcoin Keys Cannot be Hacked: Skeptics Question the Official Colonial Pipeline Bitcoin Seizure Story

On June 7, the United States Justice Department and the Federal Bureau of Investigation (FBI) announced the “recovery†of 63.70 bitcoin from the funds Colonial Pipeline sent to the hackers. The official story has a number of inconsistencies and federal investigators did not disclose how the FBI was able to confiscate the Darkside gang’s private […]

Xem chi tiết: Bitcoin Keys Cannot be Hacked: Skeptics Question the Official Colonial Pipeline Bitcoin Seizure Story

Alternative 401(k) Product Offers In-Plan Cryptocurrency Investment via Coinbase Institutional

On Monday, the San Francisco-based retirement plan provider for small to medium-sized businesses, Forusall, announced the launch of an alternative 401(k) plan that offers in-plan cryptocurrency access. According to the alt 401(k) investment option, Forusall is working with Coinbase Institutional as its retirement plan partner. Forusall and Coinbase’s Institutional Arm Offer Crypto-Infused Alt 401(k) Plan […]

Xem chi tiết: Alternative 401(k) Product Offers In-Plan Cryptocurrency Investment via Coinbase Institutional

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Tim Wu, top advisor to the Biden administration on technology and competition policy, holds more than $1 million in cryptocurrency, shows a recently filed financial disclosure. The antitrust expert, who is known as a prominent big tech critic, has in the past questioned the value of bitcoin. Top Biden Advisor Tim Wu Is a Bitcoin […]

Xem chi tiết: White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Solana Aims to Raise $450 Million to Battle Ethereum Supremacy

Alternative 401(k) Product Offers In-Plan Cryptocurrency Investment via Coinbase Institutional

Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

As Crypto Interest Winds Down Bitcoin’s Daily Transaction Rate Plummets to Two-Year Lows

Bitcoin.com Games Player Gets Lucky Big Time, Wins 5 BTC on Popular Online Slot

FBI Agent Recovers Private Key to $2.3M in Bitcoin Paid to Colonial Pipeline Hackers

Two-Fifths of Australian Millennials Prefer Crypto Investments Over Real Estate