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.