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Bitcoin loses market capitalization dominance

Bitcoin loses it’s market dominance in terms of total market capitalization. Bitcoin’s market capitalization is currently the lowest since July 2018 and quickly eroding. In it’s overall market run, this is the fourth time to dip low after enjoying a blockbuster year.

According to BitPay Inc, consumers and businesses are increasingly starting to use digital tokens other than Bitcoin for purchases. The crypto payment processor giant revealed that in 2020, 92% of merchants payment were processed in Bitcoin. In 2021, that number dropped to 65%. Ether and Stablecoins enjoyed 15% and 13 share respectively. Dogecoin, Shibainu and Litecoin totaled 3%. It is expected that the DOGE share will increase in the future after the endorsement from Tesla.

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Since it’s inception, Bitcoin dipped to as low as 32.81% in Jan 2018. After a brief recovery for three years and recording an all time high price, it’s market dominance currently stands at 40.31%.

CoinMarketCap Bitcoin global dominance chart

According to data form BitPay Inc, which serves as an industry barometer, the recent downturn hasn’t affected crypto investors’ spending habits as much as in the crypto winter of 2018. Although the luxury spending have been high but the overall spending have been much smaller. This is perhaps a sign of confidence that the current downturn could be short-lived, or that crypto has a much broader base of users.

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A sigh of relief for Bitcoin lovers can be technical analysis that suggests Bitcoin should settle down somewhere between $46K. Institutions are also hopeful, Financial services giant Fidelity says that more nations will buy Bitcoin (BTC) this year to remain competitive. In a new report, strategists at the firm say that a high-stakes form of game theory is in play and countries who don’t adopt the top crypto asset by market cap early could fall behind their peers.

Credits: Time, BitPay

Original link: Your go to Crypto place

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