In those early days of September, BTC’s dominance declined as Ethereum´s grew. BTC’s dominance today actually dropped below 40%, but stopped at 39%.
Ethereum’s dominance is still growing
Dominance of ETH is at its highest level since 2021, in mid-May it was 19%, it is 19.8%. It last reached such values in February 2018, during the bursting of a speculative bubble at the end of 2017.
However, this is neither a historical maximum for ETH nor a historical minimum for BTC.
Until March, BTC’s dominance this year was around 50%. This means that the capitalization of the BTC single market was higher than for all other cryptocurrencies combined, including ETH. From August 2018, it ranged continuously between 50% and 70%, but from April, the remarkable rise in altcoin prices began to decline rapidly.
In less than two months, it fell from 59% to 37% and then returned to 46% at the end of July.
Ethereum’s dominance, after rising at the end of 2017 and early 2018, began to decline, reaching a low of 7% between September 2019 and January 2020. At the beginning of 2021 it had risen back to 10% and after the boom in early February was to 16%, but by the end of March fell to 11% ..
Once the price of BTC stopped rising, Ethereum’s dominance changed from 11% at the end of March to 19% in mid-May.
It should be noted that all other cryptocurrencies currently have a 39% dominance, compared to 41% BTC and 20% Ethereum. So even without ETH, BTC is currently of no greater value than all other cryptocurrencies combined.
Throughout BTC’s history, it has never happened that another cryptocurrency has a higher market capitalization. By far the lowest point was reached at the beginning of January 2018, when a speculative bubble burst at the end of 2017 on BTC, while it burst on altcoins such as ETH.
At that time, the dominance of BTC fell to 32%, while the dominance of ETH increased to 22% in the following days. In other words, no cryptocurrency has ever remotely succeeded in questioning BTC’s leadership in this regard. Even now, BTC’s market capitalization in this respect is double that of its main rival.
Finally, in 2017, BTC’s dominance fell from 84% at the beginning of the year to 38% in mid-June, then rose again to more than 60% in December, at the peak of the speculative bubble, and fell again to 32% in about a month. later, just before the speculative bubble burst on the altcoins. Will history repeat itself?