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Bitcoin market dominance falls to three-year low of 40%

1 Mins read

While Bitcoin tumbles in response to Elon Musk’s Twitter account yet again, altcoin dominance has surged to its highest level in roughly three years.

Source: cointelegraph.com

As of this writing, Bitcoin represents 40.3% of the combined crypto asset capitalization — the lowest it has been since June 2018, according to CoinMarketCap.

Bitcoin hit a market dominance low of 33% in January 2018 when it was cooling from its previous peak while the altcoins were just hitting theirs. It is currently not far off its second lowest level of 36%, three years ago in May 2018.

Bitcoin dominance: CoinMarketCap

The combined capitalization of altcoins is currently sitting at $1.25 trillion after establishing all-time highs of almost $1.5 trillion last week.

Ethereum has recently seen its dominance surge, with Ether’s capitalization creeping up to roughly half of Bitcoin’s to represent a crypto market dominance over 19%. Ether also represents 32% of the combined altcoin market cap.

Binance Coin ranks third, representing 4% of total crypto capitalization, followed by Cardano with 3.3%, and Dogecoin with 3%. By contrast, Binance Coin exerts a 6.7% dominance over the altcoins markets, with Cardano’s dominance coming in at 5.5%, and Dogecoin representing 5%.

Elon Musk may have deepened Bitcoin’s loss of dominance by hinting that Tesla may be offloading its BTC holdings in a May 17 tweet, triggering a 15% crash over 18 hours.

While Bitcoin is now down 35% from its April 14 all-time high, several altcoins have seen weaker pullbacks, with Ethereum currently down 24% from its May 12 peak of $4,350 on May 12.

Some markets are rallying in spite of the bearish meta-trend, with Cardano rallying to tag all-time highs of $2.45 on May 16.

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