{"id":482640,"date":"2022-02-02T01:00:46","date_gmt":"2022-02-02T01:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=482640"},"modified":"2024-06-11T14:11:07","modified_gmt":"2024-06-11T14:11:07","slug":"bitcoin-market-dominance-hit-highest-since-november-2021-no-alt-season-in-sight","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-market-dominance-hit-highest-since-november-2021-no-alt-season-in-sight\/","title":{"rendered":"Bitcoin Market Dominance Hit Highest Since November 2021, No Alt Season in Sight"},"content":{"rendered":"
After reaching its biggest market capitalization dominance since November 2021 last week, Bitcoin is regaining market share from altcoins.<\/p>\n
The pioneer momentarily accounted for almost 42% of the global crypto market cap in late January, according to CoinMarketCap data.<\/a><\/p>\n 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.<\/p>\n 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.<\/p>\n <\/p>\n 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.<\/p>\n Related article |<\/strong> Bitcoin Supply On Exchanges Hits New Multi-Year Low Of 13.27%<\/a><\/em><\/p>\n 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.<\/a><\/p>\n <\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n According to additional data, Bitcoin transaction costs now account for only 1% of the fees paid for ETH transactions.<\/p>\n Polkadot is down 41%. Solana, which grew 100-fold in 2021, is now down 47%.<\/p>\nBitcoin Dominate Alt coins<\/h2>\n
Bitcoin dominance 1-day candle chart. Source: TradingView<\/a><\/pre>\n
Bitcoin realized cap vs. BTC\/USD chart. Source: Messari<\/pre>\n
Alt Coins In Free Fall<\/h2>\n