The dominance of Bitcoin in the world of cryptocurrency is declining. In May of this year, the share of Bitcoin reached its lowest level.
Currently, Bitcoin has a market capitalization of $ 940 billion. As of December 9, 2021, Bitcoin accounts for 39.38 percent. Its share of cryptocurrency market capitalization was 70 percent in January.
Investors turning to Altcoins:
Bitcoin accounted for 39.16 percent of the 1.8 trillion cryptocurrency market capitalization in May 2019, according to CoinMarketCap.
Instead of Bitcoin, there is now a growing investment in altcoin, a variety of cryptocurrencies that appear to be an alternative. Investment in Ethereum, Solana, Cardeno, USD Coin, Terra in these Altcoins has increased rapidly. Ethereum’s share of the total market capitalization of cryptocurrencies has risen to seven percent.
The share of cryptocurrencies other than Ethereum also increased:
Vikram Subburaj, CEO and co-founder of Geotus Cryptocurrency Exchange, said that as the cryptocurrency market matures, Altcoins will no longer have to rely on Bitcoin for its performance. The price of Bitcoin is now stabilizing.
As a result, investors are turning to Altcoin. That is why Bitcoin’s share in the cryptocurrency market capitalization is declining. As of December 23, 2021, the market capitalization of Binance Coin, Tether, Solana, XRP, Cardano, USD Coin, Terra is 4, 3.5, 2.4, 1.7, 1.9, 1.9 and 1.1 percent, respectively.
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