Bitcoin Market Dominance Reaches 55.7%, New Record in the Last 3 Years!

Bittime - Bitcoin has once again confirmed its position as the crypto market leader by reaching a market capitalization of 55.7% of the total crypto market value. Read this article to find out the full news!

Bitcoin Dominance in Market Capitalization

According to the latest data from CoinMarketCap, this is a new record since April 2021. Achievement of Bitcoin’s market domination not only signals strong confidence from investors, but also indicates relative stability amidst market downturns. 

With its market capitalization increasing, Bitcoin seems to continue to attract attention, not only from retail investors, but also institutional ones. This increase was also driven by various factors, including increasing institutional adoption, clearer regulatory developments, and increased confidence in Bitcoin as digital gold.

Read Also: Chance of Bitcoin Price Returning to Zero or Rising to $1 Million Level

Comparison of Bitcoin with Ethereum and Altcoin 

Source: Techflowpost.com

Ethereum, as Bitcoin's main competitor, has a high market capitalization, namely 16.18% of market capitalization. However, Ethereum Still remains far behind Bitcoin in terms of market dominance. 

With 16.18% of the total market, Ethereum is still a major player in the crypto ecosystem, especially due to its important role in smart contracts and DApps. However, the gap between Bitcoin and Ethereum's market dominance suggests that Bitcoin is still considered a safer asset.

Apart from Bitcoin and Ethereum, other altcoins such as BNB, SOL, and USDT also play an important role in the crypto ecosystem. However, the contribution of altcoins to total market capitalization is much smaller compared to BTC and ETH.  

Bitcoin Price Can Influence Crypto Market  

Bitcoin's increasing market dominance has had a major impact on the overall crypto market. When Bitcoin shows strength, other crypto assets also get a boost. Conversely, when Bitcoin undergoes a correction, this can also trigger a broader decline across the crypto market.

With increasing market dominance, Bitcoin may become increasingly resilient to the extreme volatility typically associated with crypto assets. This can provide greater stability for investors

Read Also: The downward trend in Bitcoin prices is similar to the trend before the 2016 bull market

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.