Home / Ethereum / Bitcoin Dominance Eyes 60% as Ethereum Price Flounders

Bitcoin Dominance Eyes 60% as Ethereum Price Flounders




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The recent decline in altcoin prices, especially ethereum, has strengthened bitcoin dominance in the encrypted market, which now holds almost 60% of the market share.

To date, bitcoin holds 56.42% of the market compared to 12.62% of ethereum, according to CoinMarketCap.

The orange line has the bitcoin encrypted quota while the dark blue line shows that of Ethereum. Source: coinmarketcap.com

Bitcoin price deficits last month were not enough to compromise its dominance of the market, especially since the ethereum struggles were disproportionately fiercer.

None of the other altcoins has been a factor in the historical bitcoin / rivalty ethereum for the domain of encryption, a rivalry that has consistently favored bitcoin.

Bitcoin's domain has never challenged

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Bitcoin price YTD. Source: Coinmarketcap.com.

On 19 June last year it marked the weakest bitcoin market position when ethereum conquered 30.63% of the market with 37.87% of bitcoins. Ripple was third with 9.6%, followed by 2.25% litecoin.

Since then, Bitcoin has been able to regain a market position of 65.18% by December 2017, when its price was at historical highs, while the runner-up was 9.71%. Ethereum was able to close the gap on 5 February 2018, winning 20.46% of 36.32% of the bitcoin, but by 30 March the bitcoin has regained a dominance of 45.02% compared to 14.63% of ethereum. Ethereum reacted to 5.25% by May 5 to 36.0% of the bitcoins, but since then the bitcoin has steadily dominated the market.

Ethereum reached a price of $ 1,377.72 on January 13, 2018, at that time in full growth of the market. The topcoin leader attempted a comeback in mid-August, rising from $ 250 to $ 280 on August 16 following a 20% drop on August 14, as the overall market recovered from falling bitcoins below $ 6,000 on August 14th. But that Attempt marked the last rally of Ethereum until the present time.

Read also: Ethereum falls to $ 185: What is causing a decline in ETH harder than other encrypted ones?

Ethereum's troubles Continue

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Ethereum price 1 year. Source: Coinmarketcap.com

The repercussions of Ethereum were largely attributed to a decline in ICO activity that increased the price of Ethereum from the beginning of last year. Analysts expect the fallout to continue for the foreseeable future.

Yesterday, on 10 September, Bitcoin experienced a sudden spike in its price, rising from $ 6,190 to $ 6,450, a push that it did not share with the rest of the market. Bitcoin recently demonstrated stability between $ 6,300 and $ 6,400 and recorded a decent volume at around $ 3.8 billion

Ethereum's struggles, meanwhile, have moved to other altcoins, such as VeChain, WanChain, Waltonchain and Decentraland recorded heavy losses against the US dollar.

Close-up image of Shutterstock

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