Journalist
Posted:
- 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.
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.
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%.
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.
