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Home»Bitcoin»Bitcoin Dominance is Rising: Could It Reach the Coveted 50% Mark?
Bitcoin

Bitcoin Dominance is Rising: Could It Reach the Coveted 50% Mark?

2023-09-24No Comments3 Mins Read
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Journalist

Posted: September 24, 2023


  • BTC’s market capitalization was over 49% and could soon reach 50%.
  • BTC was trading around $26,500 with a price decline of less than 1%.

Bitcoin [BTC] earned the nickname “king coin” for a reason, and its dominance in the cryptocurrency space was a key factor. New data indicated that the economy’s dominance could be on the verge of a second surge this year.


Read Bitcoin (BTC) price prediction 2023-25


Bitcoin Dominance Reaches 50%

Based on recent data from InTheBlokBitcoin has witnessed an increase in its dominance over the past week. According to the data provided, BTC’s dominance was approaching the 50% mark.

This indicates that its market capitalization is closer to half of the total cryptocurrency market capitalization. Furthermore, if this milestone is reached, it would be the second time in a year that this has happened.

Current Bitcoin Market Cap Dominance

Based on data from CoinMarketCapthe current cryptocurrency market cap at the time of writing is over $1 trillion. Additionally, CoinMarketCap data showed that Bitcoin currently has a 49.1% dominance within the cryptocurrency market cap, making it the dominant player.

Ethereum had the second highest market capitalization, with an 18.2% dominance at the time of writing. This data implied that, excluding Bitcoin, the total cryptocurrency market capitalization was just over $536.3 billion.

Furthermore, this highlighted why price movements in Bitcoin often have a significant impact on the broader cryptocurrency market.

Moreover, a historical analysis of dominance charts showed that Bitcoin’s dominance started to decline towards the end of 2021. Before that, it controlled more than 60% of the market.

See also  Bitcoin vs. Altcoins: Why the Coming Days Could Be Crucial for Your Portfolio

However, the launch and adoption of other cryptocurrencies have contributed to the erosion of Bitcoin’s dominance. Currently, the market cap is still around $518 billion.

Moreover, its dominance was affected by price declines.

Bitcoin dominance

Source: CoinMarketCap

The current price development of BTC

At the time of writing, Bitcoin was experiencing a small loss, which is a continuation of a trend from the previous trading session as observed in the daily time frame.


How much are 1,10,100 BTCs worth today?


What was striking was that a consistent pattern of weekend losses had emerged over the past three weeks. BTC was trading at around $26,590, reflecting a decline of less than 1%.

BTC/USD price movement

Source: TradingView

Moreover, it is currently hovering around the neutral line on its Relative Strength Index (RSI). This indicated that the bullish momentum was weakening and could turn into a bear trend if the price decline continued.



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Bitcoin Coveted Dominance Mark Reach Rising
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