The recent decline in the values of digital currencies in the market, especially that of Ethereum (ETH), has significantly increased the dominance of Bitcoin (BTC) in the digital currency market. Bitcoin (BTC) is now in control of almost 60 percent of the total market share.
The Dominance Rate of Bitcoin (BTC)
At the time of writing, the dominance of Bitcoin (BTC) has risen to 56.76 percent while that of Ethereum is 12.52 percent – according to coinmarketcap.com. The dips in the value of Bitcoin (BTC) over the past months haven’t been enough to compromise its dominance rate; this is mainly because the struggles of Ethereum (ETH) have been inexplicably fiercer.
The Competition for Digital Currency Market Has Always Favored Bitcoin (BTC)
The 19th of June 2017 marked the weakest market dominance of Bitcoin (BTC) when Ethereum (ETH) dominated 30.63 percent of the market, Bitcoin (BTC) grabbed 37.87 percent, and XRP was on the 3rd position with 9.6 percent, accompanied by Litecoin (LTC) with 2.25 percent. Since then, the market dominance of Bitcoin (BTC) increased and it gained 65.18 percent of market shares by December last year when it tested its all-time high.
Bitcoin (BTC) Price Today – BTC / USD
Ethereum (ETH) came close to Bitcoin (BTC) on the 5th of February this year, dominating 20.46 percent to Bitcoin (BTC)’s 36.32 percent. But on the 30th of March, the dominance of Bitcoin (BTC) surged to 45.02 percent and Ethereum (ETH) dropped to 14.63 percent. Ethereum was able to fight back to 17.25 percent on the 5th of May to Bitcoin’s 36 percent. But since then, the dominance of Bitcoin (BTC) has been on a steady increase.
The Plunge of Ethereum (ETH) Continues
The fallout of Ethereum (ETH) has been mainly attributed to a decline in Initial Coin Offering activities which boosted the value of Ethereum since early 2017. The struggles of Ethereum (ETH) have had a huge effect on other altcoins, as Wanchain, VeChain, and Waltonchain have seen massive declines against the US dollar.