Although other cryptocurrencies have also increased in value, none of them have been close to bitcoin in pure numbers. As a result, the total market value of bitcoin is now 62 percent of the total crypto market.
Bitcoin’s total value is currently $226 billion, compared to the overall $365 billion cryptocurrency market. It’s the biggest difference in two years, numbers from Coinmarketcap shows.
May be closer to 95 percent
Some speculate that bitcoin’s dominance may be even greater. A crypto tweeter that goes by the name Armin van Bitcoin believes that the figure is closer to 95 percent.
“If a coin is centralized, premined, has low trading volume, isn’t listed on more than one exchange or is pegged to bitcoin only trading, its market cap is meaningless. Most coins fit in that criteria”, he writes, Cointelegraph reports.