thecryptobasic.com
The dominance of XRP in the crypto market has declined from a high of 31.6% to 1.48% in the past seven years.
Benjamin Cowen, a Bitcoin proponent and founder of Into The Cryptoverse, shared a major observation on the declining dominance of XRP in comparison to the surge BTC has recorded.
Crypto Dominance is the percentage weighting of a coin’s market capitalization when compared to the broader market. The larger the market cap, the higher the dominance of the crypto asset.
Cowen Spooks XRP Community
In his post on X, Cowen revealed that XRP’s dominance has fallen drastically from 2017 to date. Specifically, he noted that compared to the 31.6% dominance, XRP now commands only 1.48% of market dominance.
In contrast, Bitcoin recorded a dominance of 67.14% in early April 2021. However, at the moment, the firstborn crypto’s dominance is now pegged at 51.9%.
While this marks a drop as well, Bitcoin maintaining over 50% dominance is a positive omen for the asset in a market that now features relatively far more innovative projects.
The recent uptick in the price of Bitcoin has contributed to the growth in the coin’s dominance. The token soared to $57,249.84 yesterday, as the impact of the spot Bitcoin ETF market now weighs on sentiments.
Other Altcoins Dominance Figures
Cowen’s comments came as a likely reaction from some Bitcoin critics who believed the dominance of the top asset class was lower than expected.
#XRP dominance has dropped from 31.6% in 2017 to 1.48% today.
But yeah, keep on telling me why #BTC dominance looks bad pic.twitter.com/r6lTL1tfei
— Benjamin Cowen (@intocryptoverse) February 27, 2024
Bitcoin’s dominance is not static above the 50% level, rather, data shows it dropped to a low of 39.61% as of November 27, 2022.
Meanwhile, Ethereum (ETH) currently boasts 17.26%, Binance Coin (BNB) comes in at 2.88%, and USDT at 4.95%. While Solana (SOL) holds a 2.32% dominance, other altcoins assume the remaining 20.51% dominance.