2022-2-2 18:06 |
Coinspeaker
Bitcoin Market Dominance Continues, Hits 2-Month High as Altcoins Are in Red
Bitcoin (BTC), since the jump, has been the biggest thing in the crypto scene. Its dominance for some time was unrivaled as the digital coin somewhat decided the outcome of the market with its performances, taking altcoins along for a ride in either win or loss scenarios.
The influx of new altcoins into the crypto market, all with the same purpose of dethroning Bitcoin from the top spot, threw its dominance into a skirmish as numerous altcoins, ranging from ethereum to dogecoin battled it for a piece of the market.
Bitcoin dominance over a few months dropped, given the cloud of regulation uncertainty hovering above it, alongside a large part of the Asia market halting its adoption. Bitcoin’s struggle throughout these mentioned few months, led to the rise of the “Altcoin season”, a quick phase of altcoins putting up impressive performances, thus eclipsing that of the biggest cryptocurrency on the market.
Bitcoin looks to have its foot on the gas pedal this year, as it reasserts its dominance at the top of the crypto ladder, according to data from CoinMarketCap and TradingView. The data revealed that Bitcoin’s market cap dominance, last week, hit its highest since November 2021.
BTC briefly accounted for almost 42% of the overall crypto market cap in late January, according to the statistics from CoinMarketCap and TradingView. Bitcoin has had its fair share of volatility this month as investors are still seeking clarity on the stance of regulators on the digital coin.
Despite Bitcoin seeing red for most of the month, its share of the $1.68 trillion crypto market has risen to about 42%, up from the 39% it recorded two weeks ago. Bitcoin’s recent bump in its share of market cap is the first time, recording an increase since dropping from a peak of 46% in mid-October. Bitcoin has now managed to hold onto the 40% dominance throughout the latter half of January.
Reports suggest that realized cap, which values each unspent transaction output (UTXO) depending on the most recent price of the coins involved in the transaction is now favored by analysts.
Data from on-chain analytics firm Messari revealed that, Unlike traditional market capitalization, realized capitalization has stayed relatively stable since the all-time highs in November, currently sitting at $453 billion.
Ethereum (ETH) and Solana ( SOL), two of the tight nemesis of Bitcoin for some time now, seem to be in deep pits as bitcoin’s 20% loss in January to levels of around $37,000 still isn’t near that of the aforementioned.
Ether is currently down 34% since the start of the year and still looks shaky as the controversy of record-high fees, and Ethereum 2.0, alongside criticism over its ability to compete with Bitcoin, continues to circulate. Solana, which saw a 100-fold increase in 2021, is down 47%, while Polkadot is also down 41%.
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