Bitcoin holds the top spot in crypto, but how has its dominance changed over time? Find out by taking a trip down memory lane with the blog below.
Concurrently, bitcoin’s price skyrocketed as more investors discovered the digital asset space for the first time. Yet, even with a few newcomers to compete against, BTC dominance remained at around 95% during this period.network. It set to rival Bitcoin as a blockchain that allowed more use cases beyond financial services like the transfer of money. Unfazed by the competition in Ethereum’s native token, ether , bitcoin continued to account for around 90-95% of the crypto market.
The unprecedented influx of altcoin competition resulted in bitcoin dominance experiencing its first major decline, dropping to an all-time low of around 37% in January 2018.While it had generated considerable attention toward crypto, the ICO boom was ultimately short-lived. Investors realized that many ICO projects lacked core fundamentals or had questionable business practices. Some projects even became the target of regulatory scrutiny by the U.S. and other authorities.
In 2019, bitcoin’s price experienced a slight resurgence, trading at around $7,000 by the end of the year, while BTC dominance peaked at about 70% in September. The digital asset, however, would remain relatively still until the COVID-19 pandemic struck the world in 2020.Beginning in 2020 — in the aftermath of a short, COVID-fulled dip — the crypto market would enter a record-breaking bull run.
With the looming pandemic, many people, bored and stuck at home, turned to day trading and investing to pass the time. Meanwhile, to offset the pandemic’s economic downturn, governments around the world issued cash handouts to stimulate their struggling economies. Retail traders invested a considerable portion of these funds in stocks, forex, or the crypto market for the first time.
Now, following all the media attention to crypto during the latter half of 2020, altcoins became an increasingly attractive, albeit risky, choice for retail investors, especially newcomers looking for quick gains. For example,Further, the rapid growth of innovations like
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