Bitcoin Takes Back Over 50% Crypto Market Share
After dropping to a low of 46 percent, Bitcoin dominance (Bitcoin’s market capitalization as a percentage of total cryptocurrency market capitalization) is back over 50 percent. In a bear market, Bitcoin is reasserting itself vis-a-vis altcoins.
The frenzied demand for altcoins over the past few months has resulted in almost all coins witnessing a multifold increase in price. It didn’t matter which altcoin you picked in March, almost all of them have gone through the roof.
While Bitcoin price has steadily increased, its dominance has steadily decreased as altcoins (Ethereum, Ripple, Dash amongst others) outperformed it. Bitcoin’s dominance went below the psychologically important level of 50 percent on May 16, in spite of Bitcoin scaling agreement negotiations.