Bitcoin's market dominance dropped to 40.3%, the lowest level seen since June 2018, according to CoinMarketCap data.
May 17, 2021, | AtoZ Markets – Bitcoin price dropped again due to Elon Musk , while the market dominance of altcoins rose to the highest level in the past three years. Some commentators are blaming the downward turn in cryptocurrency markets–and Bitcoin in particular–on none other than Tesla founder Elon Musk.
I think many people aren’t mad because of the price, they’re confident Bitcoin will bounce back stronger. They’re mad because Elon is shamelessly spreading harmful misinformation while making countless people FOMO into a high-risk meme coin in the most irresponsible way.— Lina Seiche (@LinaSeiche) May 17, 2021
Bitcoin market dominance at 3-year low
According to the latest data published by Coinmarketcap, BTC's market dominance reached 40.3% on May 17, its lowest level seen since June 2018.
Bitcoin's market dominance declined to as much as 33% in January 2018, when the bull market began to slow down and altcoins took over the scene. Cryptocurrency is no longer far from the second-lowest level of dominance seen in May 2018, 36%, after that.
The total market value of altcoins, on the other hand, fell to $1.25 trillion at the time of writing, after hitting an all-time high of $1.5 trillion last week.
Ethereum's market cap reached almost half of Bitcoin's market cap, while the cryptocurrency's market dominance rose to over 19%. Ether's market cap represents 32% of the value of the entire altcoin market.
Binance Coin, which ranks third in the list of the largest cryptocurrencies in terms of market value, represents 4 percent of the value of the entire cryptocurrency market, Cardano 3.3% and Dogecoin 3%. Binance Coin's dominance of the altcoin market was measured at 6.7%, Cardano at 5.5% and Dogecoin at 5%.
Bitcoin has lost 35% since its all-time high on April 14, while Ether has fallen 24% since May 12, when it hit a record $4,350.
On the other hand, there were some cryptocurrencies that escaped from this downward trend. Cardano reached its all-time high of $2.45 on May 16th.
Think we missed something? Let us know in the comment section below.