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Altcoins eat into Bitcoin's dominance as the latter's share in the total crypto market cap shrinks drastically.

Throughout its 13-year history, Bitcoin has been the most valuable cryptocurrency by market capitalization. Still, its dominance has dwindled from a stable over 80 percent in 2013 to an average of 50-60 percent in the next four years.


Altcoin to watch 2020 market share had fallen to an all-time low of 32.81 percent on January 15, 2018, when the total cryptocurrency market capitalization reached $700 billion. 


Because of the increasing popularity of alternative cryptocurrencies, Altcoin's dominance in the cryptocurrency world has sunk to its lowest level since May of this year. According to data from Bitcoin's market capitalization (m-cap) was approximately $940 billion on December 9, 2021, down from a market capitalization (m-cap) of over 70% on January 1, 2021, CoinMarketCap. Altcoin to watch 2020 share of total crypto m-cap was 39.83 percent on December 9, 2021, down from a market capitalization (m-cap) of over 70% on January 1, 2021.


 As of May 19, Bitcoin had a 39.16 percent stake in the overall cryptocurrency market, valued at around $1.8 trillion. When submitting this report, Bitcoin's market capitalization (m-cap) was at $913 billion, representing a small rise in its proportion of the entire market capitalization of all cryptocurrencies, which stood at $2.26 trillion. Conversely, Altcoin's market share fell to 32.81 percent on January 15, 2018, when the total cryptocurrency market capitalization reached $700 billion.


As time progresses, the altcoins watchlist percentage of the entire cryptocurrency market capitalization (also known as Bitcoin Dominance) swings in cycles. First, as investors rush to Bitcoin, its value often rises quickly concerning the larger crypto market. Then, as was the case between October and December 2020, its domination increased when the cryptocurrency's dominance grew from 55 percent to 70 percent in a single quarter. 


Later, altcoin prices began to stabilize as traders shifted their funds to other cryptocurrencies with more growth potential. By May 2021, Bitcoin's market share has declined from 70% in December 2020 to 45%. In an interview with Financial Express Online, Vikram Subburaj, Co-Founder and CEO of Giottus Cryptocurrency Exchange.


Throughout its 13-year history, the altcoins watchlist has been the most valuable cryptocurrency by market capitalization. Still, its dominance has dwindled from a stable over 80 percent in 2013 to an average of 50-60 percent in the next four years, due to the rise of powerful cryptocurrencies like Ethereum, Solana, Cardano, Binance Coin, and other such tokens.


"As the market matures, we expect altcoins to become less dependent on Bitcoin's performance and, as a result, to increase in strength." In the medium term, it is possible that Bitcoin dominance in the region of 20-30 percent will become the norm. However, in the near run, we predict Bitcoin to restore 50 percent dominance in the first quarter of 2022 if it rebounds to the $53,000 mark or above shortly," Subburaj said.


Ethereum's market capitalization in total cryptocurrency m-cap has climbed from 7 percent in January 2020 to more than 21 percent in December 2021. As of December 23, 2021, other leading altcoins such as Binance Coin, Tether, Solana, XRP, Cardano, USD Coin, and Terra have market shares of 4 percent, 3.5 percent, 2.4 percent, 1.7 percent, 1.9 percent, 1.9 percent, and 1.1 percent, respectively.


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