Bitcoin’s Market Dominance Has Not Been This High Since December 2018, at Around 55%By Andy Hao
Bitcoin was once the world’s only cryptocurrency, but the market looks vastly different today. With thousands of cryptocurrencies now available to the public, Bitcoin’s market dominance has slowly dissipated over time.
Even as investors continue to seek other digital assets, Bitcoin's dominance over the market spiked this month. According to CoinMarketCap, BTC market dominance is hovering at around 54.76% at the time of writing on April 26, 2019.
Yesterday, LongHash observed that the amount of Bitcoin transactions awaiting confirmation spiked significantly this month. This is far from the only statistic in which Bitcoin is breaking recent records, as its current market dominance is at its highest in over four months.
To provide a sense of scale, Bitcoin has not accounted for 60% or more of the cryptocurrency market back since December 2017, when the currency reached its highest value thus far. The last time it reached at least 80% dominance was back in March of the same year.
When it comes to the digital assets trailing Bitcoin in market dominance, not much disruption occurred this month. Ethereum, which is currently the world’s second largest cryptocurrency by market cap, now accounts for slightly less than 10% of the market. XRP, on the other hand, currently accounts for around 7.21%.