Bitcoin Dominance Eyes 60% as Ethereum Price Flounders

Bitcoin Dominance Eyes 60% as Ethereum Price Flounders

The recent fallout in altcoin prices, particularly ethereum, has boosted bitcoin’s dominance of the crypto market, now commanding nearly 60% of market share.

As of today, bitcoin holds 56.72% of the market compared to ethereum’s 12.62%, according to CoinMarketCap.

The orange line presents bitcoin’s crypto market share while the dark blue line shows Ethereum’s. Source: coinmarketcap.com

Bitcoin’s price woes of the past month have not been enough to compromise its market dominance, largely because ethereum’s struggles have been disproportionately fiercer.

None of the other altcoins have been a factor in the historic bitcoin/ethereum rivalry for crypto market dominance, a rivalry that has consistently favored bitcoin.

Bitcoin’s Dominance Never Challenged

YTD Bitcoin Price. Source: Coinmarketcap.com.

June 19 of last year marked bitcoin’s weakest market position when ethereum grabbed 30.63% of the market to bitcoin’s 37.87%. Ripple was third with 9.6%, followed by litecoin at 2.25%.

Since then, bitcoin was able to regain market dominance of 65.18% by Dec. 2017, when its price was at record highs, while second place ethereum was at 9.71%. Ethereum was able to close the gap on Feb. 5, 2018, grabbing 20.46% to bitcoin’s 36.32%, but by March 30, bitcoin regained a 45.02% dominance to ethereum’s 14.63%. Ethereum fought back to 17.25% by May 5 to bitcoin’s 36.0%, but, since then, bitcoin has steadily dominated the market.

Ethereum achieved a $1,377.72 price on Jan. 13, 2018, riding the crypto market growth at the time. The leading altcoin attempted a comeback in mid-August, moving from $250 to $280 on Aug. 16 following a 20% drop on Aug. 14, as the overall market posted a recovery from bitcoin’s drop below the $6,000 on Aug. 14. But that attempt marked Ethereum’s last rally up to the present time.

Also read: Ethereum falls to $185: What’s causing ETH to drop harder than other cryptos?

Ethereum’s Woes Continue

1-Year Ethereum Price. Source: Coinmarketcap.com

Ethereum’s fallout has largely been attributed to a decline in ICO activity that boosted the ethereum price since early last year. Analysts expect the fallout to continue for the foreseeable future.

Yesterday, Sept. 10, bitcoin posted an unexpected spike in its price, jumping from $6,190 to $6,450, a boost that it did not share with the rest of the market. Bitcoin has recently demonstrated stability in the $6,300 to $6,400 range and has posted decent volume at nearly $3.8 billion.

Ethereum’s struggles, meanwhile, have rubbed off on other altcoins, as VeChain, WanChain, Waltonchain and Decentraland have posted hefty losses against the U.S. dollar.

Featured Image from Shutterstock

• Join CCN's crypto community for $9.99 per month, click here.
• Want exclusive analysis and crypto insights from Hacked.com? Click here.
• Open Positions at CCN: Full Time and Part Time Journalists Wanted.
11.09.2018 / 16:45 68
Bitcoin Dominance Hits 2018 High Despite Price Slump Bitcoin Dominance Hits 2018 High
While Bitcoin (BTC) marks yet another day trading in the red, the world’s leading currency is widening its lead in the market cap race, whose total
Bitcoin Dominance Drops Significantly, Further Worrying BTC Investors Bitcoin Dominance Drops Significantly,
The cryptocurrency markets are experiencing some sideways movement this morning (UTC + 3) with the total market capitalization showing some stability
Bitcoin Dominance Hits Record High for 2018 Bitcoin Dominance Hits Record High for
An index measuring Bitcoin dominance is now over 45.7 percent its highest since December 2017 when the price of BTC reached its all-time record high.
Bitcoin Market Dominance at 45 Percent and Altcoin Prices Begin to Decline Bitcoin Market Dominance at 45 Percent
Image courtesy of bit4coin.netBitcoin is currently dominating the cryptocurrency market as the top-ranked cryptocurrency looks to achieve a 50
Bitcoin Rallies above $6,000 as BTC Market Dominance Reaches Two-Month High Bitcoin Rallies above $6,000 as BTC
Image courtesy of Ethereum World News archivesBitcoin has rallied above the $6,000 mark in the last few hours. This surge follows the previous price
Capitalization of Cryptocurrency Markets Loses 59% in Q1 2018 Capitalization of Cryptocurrency
The first quarter of 2018 dealt heavy losses to the cryptocurrency markets, with Coinmarketcap data indicating that the capitalization of the
Comments (0)
Add a comment
Comment on