Recently, the price of cryptocurrency has entered a period of callback, especially the decline of ethereum, which has promoted the dominant position of bitcoin in the cryptocurrency market and accounts for nearly 60% of the market currently. According to the data, bitcoin market cap
has accounted for 56.72% of the market share so far, while ethereum only accounts for 12.62%.
Although bitcoin has fluctuated in the past month, it was not enough to weaken its market dominance, which has greatly affected the market share of ethereum, so ethereum has to face more intense market competition.
Before the competition between bitcoin and ethereum, there was no token that could shake the dominance of bitcoin in cryptocurrency market, which is also the “bitterness” of bitcoin in the market.
On June 19 last year, when ethereum seized 30% of bitcoin market share, the market share reached 38%. At that time, the market position of bitcoin became the weakest in history. Ripple ranked third with 9.6%, followed by litecoin with 2.25%.
Since then, the market dominance of bitcoin has been restored by December 2017, when bitcoin price reached its highest level, accounting for 65% of the cryptocurrency market, followed by ethereum, which has a market share of 9.71%. At the close of ethereum on February 5, 2018, the gap was narrowed. Ethereum occupied 20.46% of the market share, and bitcoin occupied 36.32%. However, by March 30th, the dominant position of bitcoin recovered to 45.02%, and ethereum fell to 14.63%. By May 5, ethereum’s market share had rebounded to 17.25%, while bitcoin also fell to 36%, but since then bitcoin has steadily dominated the market.
On January 13, 2018, ethereum price
shot up to $1,400, thanks to the growth of the crypto market at the time. The cryptocurrency market transaction peaked in mid-August, and after a 20% decline on August 14, it rebounded slightly from $270 to $320 on August 16. This rebound is also the last stroke of ethereum.
The decline in ethereum price is largely attributable to the high market price and the trading hotspot. The increase of ethereum price at the beginning of last year was sharp, mainly due to the promotion of ICO. Analysts predicted that the trend will continue in the future.
On September 9, the price of btc to usd
rebounded slightly from $6,147 to $6,447. The rebound was of great significance at this stage. Recent shocks of bitcoin in the range of $6,100 to $6,400 have been much more stable than last week, with $3.8 billion bitcoin trading
At the same time, the collapse of ethereum also affected other cryptocurrencies in the market, such as VET, WAN, WTC and MANA, which also experienced a sharp decline.