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Study Shows Share of Altcoins Surged Threefold

Bitcoin’s market dominance in the market capitalization of all 12,046 cryptocurrency assets has hovered above 38% this week while ethereum’s overall value commands 19% dominance. On Monday, a report was published that shows that altcoins’ market share has increased threefold since 2014. It rose from 21% to 62 strong> in 2014.

Altcoins are ‘Making Ground for Bitcoin’ according to a Report

Edith Reads, author of tradingplatforms.com’s report, shows that altcoins’ value has increased over the past seven years. According to the author’s report, altcoins have seen a rise in value over the past seven years. BTC’s market dominance rating was 86% on February 26, 2017. It has never been above the 80% mark since then.

The author of tradingplatforms.com explains that Altcoins’ market share has been increasing since 2014. Reads points out that altcoins accounted for 62% of market share as of December 9, 2021. This represents a tripling in their dominance over the past seven years. Their market share has increased threefold from 21 percent to the current 62 per cent,” Reads’ study states.

This report continues to share the growing altcoin market and increasing interest in altcoins. Reads states that altcoins are showing a shift in how crypto assets are viewed. Many are using them as an alternative to BTC. The researcher at tradingplatforms.com notes that BTC’s dominance in the crypto space will be under increasing pressure as it develops.

Study Author Says “Market Cap is a Critical Factor in Crypto Ranking”

According to the author, market share dominance is an important factor. BTC’s market share has been decreasing. The study highlights that BTC’s market cap was 78 percent in December 2014. The study further states that this position has been steadily declining to 38 percent as of the publication.

Market dominance is a key factor in crypto ranking. It usually translates into higher market caps. Crypto ranking is determined by market cap. As cryptos are less volatile, large caps indicate safer investment options. It is a measure of how stable an asset is.

According to coingecko.com metrics, there are over 12,000 cryptocurrency-assets that currently exist. While ethereum (ETH), commands 19.1%, other coins also have good shares of the overall cryptocurrency economy. BNB holds a market dominance rate of 3.64%, while the stablecoin USDT has around 3.06%. Solana (SOL) is the fifth-largest crypto exchange cap today. Cardano (ADA), commands 1.97%.

Tradingplatforms.com’s study reveals that altcoins have some advantages over BTC. Reads argues that they are more scalable than BTC because they deal with a lot people who care about the environment. Reads also mentioned that Elon Musk was a vocal critic.