Home > Science and technology > E-commerce
Reading time estimate: 2 min

Bitcoin dominance in the cryptocurrency market has reached its lowest level since 2018

Bitcoin does not need to be introduced as the first and largest cryptocurrency in the market, but the dominance of this currency in the market has been declining for some time. And has recently reached its lowest level since 2018, which is equal to 28.37 percent.

According to data released by CoinGecko, Bitcoin market dominance yesterday reached 28.37 percent Is. The last time the currency dominance went down so much was in 2018, when it dropped to 33 percent.

market dominance means a share of the currency in the market. Currency from the general market is the code of currencies. The total market value is currently $ 3.2 trillion, of which Bitcoin is worth $ 871 billion. Bitcoin's share of the total market value in November was $ 27.1 trillion, so the decline of this currency dominates the market is evident.

  • What is the fundamental value of Bitcoin?

The reason for this sharp decline is simple: Investors are looking to invest in a larger market for altcoins (currencies other than bitcoins). Alex Krueger, a cryptocurrency analyst and trader himself, told Decrypt that the demand for Bitcoin from micro-investors is currently declining.

He says micro-investors are not interested in buying Bitcoin because investing in This currency can not enrich the people who have just entered the cryptocurrency market. But companies like Tesla, Square, or Micro Strategy can still benefit from the sheer volume of bitcoins they buy because they use it to protect their capital against inflation in the United States. They are more attractive to people who are looking for big coins and quick profits. For example, the Safemoon, which some critics refer to as the "Panzi Trick," has grown 3.68 percent in the past week. have been. But investors' view of memes, Internet jokes, and popular culture elements was based on currency codes, and these cases grew exponentially. For example, Shiba Inu, a currency similar to Dojokuin, experienced a staggering 424,999% growth from January 2021 to December of that year. The growth of the value of these coins can help to better understand the declining share of bitcoins.

Also, the growth of DeFi and NFT markets, none of which are based on bitcoins, can help the growth of competing currencies. DeFi refers to projects that aim to automate quasi-banking services. NFTs are also irreplaceable tokens that make it easier to buy and sell works of art and digital on the blockchain platform and have been widely used by celebrities and collectors. DeFi and NFT are mainly performed on the Atrium platform. It is the second largest cryptocurrency in the market in terms of total share and currently dominates the market with 27.19%. From the fourth quarter of 2019, Atrium's dominance began to grow in the market, at a time when investors became interested in DeFi and NFT. Solana is another blockchain traded under the SOL symbol, which grew 11,000 percent last year to become the fifth largest cryptocurrency in terms of overall market value.

Bitcoin Atrium also started the new year with a relative slump, and their current value fell to 33.7% and 23.6%, respectively, from the highest level last year.

  • In front of the atrium; Which one consumes more energy?

Source: Decrypt

Tags: bitcoin, dominance, cryptocurrency, market, reached, lowest, level, since, 2018

READ NEXT IN: science and technology / e-commerce

BingMag.com How to buy land in Metavars? e-commerce

With the advent of blockchain technology, the groundwork has been laid for new innovations such as NFTs, and the word we hear so much these days is that it transforms even the tech giants. Has pulled

BingMag.com Check out the top 6 NFT multiplication websites e-commerce

Given the dramatic growth of NFT over the past year, you've certainly been tempted to offer works in this format for sale. Various works are currently being sold in the form of NFT and the market is w

BingMag.com What is the difference between Kevin and Token? e-commerce

Almost all traders at some point in their careers have mistaken a token for a coin. Join us to better understand the differences between the two.

BingMag.com 5 blockchains except Atrium that support NFT e-commerce

Although the concept of NFT has been around since the middle of the previous decade, it owes its fame and popularity among the public to what happened in February 2021 for the collage Everydays It cam