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Bitcoin Dominance Targets 70% Milestone as Market Shifts

Tue, 06/20/2023 - 16:30
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Alex Dovbnya
Bitcoin's dominance on cryptocurrency market is marching toward 70% milestone, signaling potential market shift favoring Bitcoin over altcoins
Bitcoin Dominance Targets 70% Milestone as Market Shifts
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Bitcoin's dominance on the global cryptocurrency market is charging toward a key milestone, indicating a potential shift in market sentiment favoring the original digital currency.

The metric, which compares the flagship cryptocurrency's market cap to the total value of all cryptocurrencies, has rebounded above 50% and is on track to touch 70%.

Tracing Bitcoin's dominance over the past decade reveals a pattern of resilience against a proliferating field of competing cryptocurrencies, or altcoins.

Bitcoin maintained near-total dominance at around 95% between 2011 and 2013, even as the first wave of altcoins, including Litecoin and Ripple-affiliated XRP, entered the market.

Despite Ethereum's launch in 2015 and a flurry of initial coin offerings (ICOs) in 2017-2018, Bitcoin managed to retain a dominant market position. Even though its dominance dipped to an all-time low of 37% in January 2018 amid the ICO boom, it climbed back to over 50% by the year's end.

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Over the years, there has been a significant expansion of decentralized finance (DeFi) and non-fungible tokens (NFTs), mostly built on competing blockchains like Ethereum and Solana. This led to a drop in Bitcoin's dominance to 39% by mid-2021.

However, Bitcoin dominance found its footing again around November 2021 and has been on an upward trend since, crossing the 50% mark for the first time since April 2021 as of June 20.

Recent data from CoinGecko shows that Bitcoin is outperforming altcoins on a weekly basis, indicating a resurgence in confidence in Bitcoin. With its market cap reaching $519 billion and a weekly growth rate of 2.8%, Bitcoin stands strong in a market shaken by the volatility of altcoins. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at