Hassan Maishera
TL;DR
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Bitcoin’s dominance level is now above 47%, accounting for nearly half of the total value in the crypto market.
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The increase in BTC dominance comes as altcoins suffered heavy selloffs in recent days.
Bitcoin’s Dominance Level Increases
Bitcoin, the world’s leading cryptocurrency by market cap, has increased its dominance in the crypto market in recent months.
This latest development comes as altcoins in the market faced heavy selloffs during that period.
According to data obtained from Coinmarketcap, Bitcoin accounted for 41% of the total cryptocurrency market cap in March 2023, with Ether controlling around $18%.
The two leading cryptocurrencies have seen their market share grow since then, with the wider crypto market losing ground. At press time, Bitcoin’s market dominance stands at 47.8%, indicating that Bitcoin accounts for nearly half of the total $1 trillion crypto market cap.
Ether, the second-largest cryptocurrency by market cap, has also seen its market dominance level increase since the start of the year. Ether’s dominance level stands at 20%, with a market cap of over $200 billion.
The other cryptocurrencies with considerable market dominance include Tether (USDT), with 7.92%, BNB (3.53%), USDC (2.69%), XRP (2.52%), and Cardano (0.90%).
The total cryptocurrency market cap continues to stay above $1 trillion despite the recent FUD in the market. The prices of most cryptocurrencies are up by more than 30% since the start of the year.
