Bitcoin market dominance drops to 40% to three-year low

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As Bitcoin tumbles again in response to Elon Musk’s Twitter account, altcoin’s dominance has peaked in about three years.

As of this writing, Bitcoin accounts for 40.3% of the combined capitalization of crypto assets – the lowest since June 2018, according to CoinMarketCap.

Bitcoin reached a 33% market dominance in January 2018, as it cooled from its previous high as altcoins only hit theirs. It is currently not far from its second lowest level of 36%, three years ago in May 2018.

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Bitcoin Domination: CoinMarketCap

The combined capitalization of altcoins is currently $ 1.25 trillion after hitting historic highs of nearly $ 1.5 trillion last week.

Ethereum has recently seen its dominance increase, with Ether’s capitalization climbing to about half that of Bitcoin to represent a crypto market dominance of over 19%. Ether also accounts for 32% of the combined altcoin market cap.

Binance Coin is in third place, accounting for 4% of the total crypto capitalization, followed by Cardano with 3.3% and Dogecoin with 3%. In contrast, Binance Coin exerts 6.7% dominance in altcoin markets, with Cardano dominating 5.5% and Dogecoin accounting for 5%.

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Elon Musk may have compounded Bitcoin’s loss of dominance by hinting that Tesla could offload its BTC holdings in a May 17 tweet, triggering a 15% crash in 18 hours.

While Bitcoin is now down 35% from its all-time high on April 14, several altcoins have seen smaller pullbacks, with Ethereum currently down 24% from its May 12 high of $ 4,350 on the 12th. may.

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Some markets rally despite the bearish meta-trend, with Cardano rallying to hit all-time highs of $ 2.45 on May 16.