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Cryptocurrency trader and analyst Willy Woo has taken to social media to address the crypto community regarding Bitcoin's dominance over the cryptocurrency market. In February, this key metric soared for the first time since 2021 thanks to newly elected president Donald Trump promising to impose high tariffs on imports from China, Mexico and Canada.
Bitcoin dominance dropping in 2017
On Feb. 17, Bitcoin dominance, which is the share of the overall market capitalization held by Bitcoin, reached the level of roughly 60.6%.
Historically, this important metric has seen large fluctuations. In 2017, Bitcoin’s total market share faced a major decline as it sharply went down from the 89% high seen back in 2016. In 2017, when many altcoins were launched (including those on the top 10 and top 20 lists now), Bitcoin’s market share dropped by more than half and reached 41%.
In January 2025, this crucial Bitcoin metric went up to 71.3%, showing BTC’s increasing positions on the cryptocurrency market. This recovery can be due to several drivers, which include the launch of spot Bitcoin exchange-traded funds in January 2024, increased BTC adoption by financial institutions in the U.S. and other leading countries, and its acknowledgement as a store of value as uncertainties in the global economy and geopolitical tensions continue to unravel. Another important driver is that the U.S. is now presided over by a pro-Bitcoin leader. As of now, Bitcoin dominance stands at roughly 60.6%.
Yuri MolchanWilly Woo names key BTC dominance drivers
The aforenamed trader and cryptocurrency entrepreneur Willy Woo shared three key hurdles that brought Bitcoin's dominance down in 2017 and again later. He said they coincided with “the last three cycles in crypto,” adding that “it normally takes 3 mistakes for people to learn.”
Those drivers, per Woo, were venture capitalists dumping their funds into ICOs in 2017, DeFi rugpulls in 2020 and meme coin pump-and-dump schemes faced by the cryptocurrency market last year. Now, Woo said, “BTC dominance is climbing back to its proper equilibrium.”
Today, the world’s largest cryptocurrency, Bitcoin, has shown a small rise of less than 1% in an attempt to recover from the 1.18% drop faced overnight. At press time, BTC is changing hands at $96,660.
Dan Burgin
Vladislav Sopov