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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Market Dominance Hit Highest Since November 2021, No Alt Season in Sight

Anifowoshe Ibrahim
Anifowoshe Ibrahim
3 years ago
2 mins read

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Created by industry experts and meticulously reviewed
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After reaching its biggest market capitalization dominance since November 2021 last week, Bitcoin is regaining market share from altcoins.

The pioneer momentarily accounted for almost 42% of the global crypto market cap in late January, according to CoinMarketCap data.

Bitcoin Dominate Alt coins

Since its inception, Bitcoin has been the most popular cryptocurrency. Its domination was unequaled for a long time, as the digital coin’s performance influenced the market’s outcome, bringing altcoins along for the ride in either win or loss scenarios.

The influx of new altcoins into the crypto market, all with the goal of dethroning Bitcoin, threw its supremacy into disarray as a slew of altcoins fought for a piece of the pie, ranging from ethereum to dogecoin.

itcoin-market-cap-dominance-

Bitcoin dominance 1-day candle chart. Source: TradingView

Despite the fact that Bitcoin has been in the red for the majority of the month, its portion of the $1.68 trillion crypto market has increased to around 42%, up from 39% two weeks ago. Bitcoin’s market capitalization has increased for the first time since mid-October, when it dropped from a peak of 46 percent. Throughout the second half of January, Bitcoin has managed to maintain its 40 percent market share.

Related article | Bitcoin Supply On Exchanges Hits New Multi-Year Low Of 13.27%

Unlike traditional market capitalization, which has remained relatively consistent since the all-time highs in November, realized capitalization has remained reasonably stable since the all-time highs in November, now sitting at $453 billion, according to data from on-chain analytics firm Messari.

Bitcoin realized cap vs. BTC/USD chart. Source: Messari

Alt Coins In Free Fall

Ethereum and Solana, two of Bitcoin’s long-time adversaries, appear to be in severe trouble, with bitcoin’s 20 percent drop in January to about $37,000 still dwarfing the aforementioned.

Ether has dropped 34% since the beginning of the year and continues to be wobbly as the debate over record-high fees and Ethereum 2.0, as well as questions about its ability to compete with Bitcoin, rages on.

According to data from on-chain analytics startup Glassnode, the value being exchanged on the Ethereum blockchain per $1 in fees is dropping compared to Bitcoin.

According to additional data, Bitcoin transaction costs now account for only 1% of the fees paid for ETH transactions.

Polkadot is down 41%. Solana, which grew 100-fold in 2021, is now down 47%.

Related article | Goldman Sachs: Mainstream Adoption Won’t Boost Bitcoin Price

Featured image from Pixabay, chart from TradingView.com and Messari
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Anifowoshe Ibrahim
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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