2024-07-31
Bitcoin dominance is a metric that
compares the market capitalization of Bitcoin to the total market
capitalization of all cryptocurrencies combined. It is expressed as a
percentage and indicates Bitcoin's share of the entire cryptocurrency market.
On July 31, 2024, Bitcoin dominance hit
55.96% with market cap of $1.305 billion which means Bitcoin alone has more than half the value of total
cryptocurrency market.
This surge in dominance indicates that
Bitcoin holds a larger share of the total cryptocurrency market capitalization
compared to other cryptocurrencies.
Ethereum dominance is at 17.06%.
The rest of cryptocurrencies have 27% value combined. Ethereum has market cap of $398 million.
Bitcoin’s market dominance hit the
highest level it has seen since April 2021.
In 2017 Bitcoin Cash used to have value
1/8 of Bitcoin. The highest Bitcoin dominance since 2021 indicates that in
long-term strong fundamental cryptocurrencies will outperform cryptocurrencies
that have less fundamental support or purely speculative.
