CRYPTO MARKET
An overview of Bitcoin dominance as Crypto market cap hits $2 trillion
Visualizing BTC dominance over the years (2013–2021), based on the market cap
It has been a year of achievements for cryptocurrencies. 2021 started off where 2020 left off. Mainstream adoption, the DeFi boom, and the recent craze in NFTs have all contributed to the mammoth rally that we have seen in digital assets for the past 12 months. Bitcoin (BTC), the pioneer and the most well-known cryptocurrency has played a major role in making digital assets an established phenomenon. No wonder that more than half of the total market cap of cryptos comes from BTC.
BTC dominance basically highlights the market share of Bitcoin over the total market cap of the digital assets. The current figure of BTC dominance stands around 55.1%, at the time of publishing. This is down from the recent 2.5 year high of almost 70% that we saw in January of this year. The premier coin has such an influence over the crypto market that it dominates the price moves.
And this has been pretty visible in the post-pandemic boom that started off in late March 2020. The out-sized gains by Bitcoin beat all the other digital currencies by a long margin and that is why the BTC dominance mostly stayed in the 65–70%…
