The BTC market dominance drops as the Ethereum one grows over the weekend with the former reaching a low of 38.2% so let’s find out more in our latest Bitcoin price news.
The BTC market dominance drops over the weekend but Ethereum’s market dominance increased. During the crypto crash over the weekend, Bitcoin’s market dominance dipped to a low level that has not been seen before. The entire market was suffering at one point on Saturday with the market dominance of the first and biggest crypto being set at 38.32%. The only time that it dropped this low was back in May when it hit 37.76% as per CoinGecko. This is not far from the lowest dominance ever back in 2018 when it touched 33% but in 2018, Bitcoin hovered around 40%.
The "Flippening", also known as the moment where Ethereum flips Bitcoin in market value, may very well happen in this bull market.
Below is BTC % Dominance, divided by ETH % Dominance.
I'll let you be the judge…👀 pic.twitter.com/V2Ejq1kl75
— Nicholas Merten (@Nicholas_Merten) December 5, 2021
The market dominance refers to one crypto’s share of the total market cap and the entire market cap now stands at $2.4 trillion with Bitcoin’s market cap being set at $924 billion. This time last month it was over $1 trillion. Since Saturday, BTC’s dominance picked up, and at the time of writing, Tradingview put Bitcoin’s dominance at 41%. The selloff started on Friday and sped up on Saturday and hit the entire coin market but then hit BTC hard. The concerns over the Omicron COVID-19 strain put the FED talking about a high risk of inflation and rattled the traditional equities market and crypto wasn’t exempt.
Bitcoin’s price and market dominance dropped as investors flogged the asset. As of Sunday afternoon, the BTC price crept back up to $48,930 marking a 1% drop over the past 24 hours and 10% in the past week. Ethereum as the second-biggest cryptocurrency by market cap suffered in the past few days in terms of price. The market dominance has actually increased as people sold their BTC and the latest figures from CoinGecko showed that Ethereum’s dominance was 20% on Saturday which is the highest that it has been since 2018.
This might be the worst BTC price action vs alts I’ve seen over the past decade.
— Qiao Wang is hiring (@QwQiao) December 4, 2021
To put it into perspective, it was as low as 11%. Some commentators in the crypto space said that the flippening when ETH’s market cap grows bigger than Bitcoin’s could be on its way. Ethereum still has a long way to go before it happens so, at the time of writing, its market cap was 46% less than BTC at $491 billion.
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