Times are changing, altcoin market share has tripled since 2014 as Bitcoin’s dominance wanes
In one report Author Edith Reads, published on Monday (December 27th) by Tradingplatforms.com, shows that the altcoin market has grown tremendously over the past seven years, “the tides are changing” and altcoins are “undermining”. rise.”
Bitcoin’s market dominance has been over 80% since its inception in February 2017. Bitcoin reached a dominance rate of up to 86% on February 26, 2017 and has never returned to highs above the 80% range since then.
“Since 2014, the altcoin market share has tripled from 21% to 62% today,” added Reads.
The report continues to show the evolution of the altcoin space and the growing interest of investors in them.
“The rise in altcoin market share is an indication of a changing mindset among investors regarding cryptocurrencies. Many consider them to be alternatives to Bitcoin. As the crypto space continues to grow, Bitcoin’s market dominance is coming under increasing pressure. ”
Market capitalization is an important factor in crypto ratings
Reads notes that market share is an important factor and BTC dominance is waning.
“In December 2014, Bitcoin reached a dominance of 78%, but dropped further to 38% at the time of the publication of the study.”
“In most cases, a higher market dominance leads to a higher market capitalization. Market capitalization is an important factor when evaluating cryptocurrencies. Large caps indicate safe investment options, as such cryptocurrencies are usually less volatile. In essence, it’s an indicator of how stable an asset is. ”
There are currently over 12,000 crypto assets in the market with a market cap of $ 2.54 trillion. After Bitcoin, Ethereum accounts for 19.1%, followed by BNB with 3.64%, Stablecoin USDT with 3.06%, SOL with 2.45% and ADA with 1.97%.
Research by Tradingplatforms.com shows that altcoins have a number of advantages over Bitcoin, including “gaining a foothold in the DeFi sector”. In terms of scalability, “altcoins built on blockchain are better”. Bitcoin is also being targeted by many who care about the environment, ”and Reads mentions that“ Elon Musk is a vocal critic ”.
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