Recently, the price of cryptocurrency has entered a period of callback, especially the decline of Ethereum price, which has promoted Bitcoin’s dominant position in the encryption market and currently accounts for nearly 60% of the market.
According to the data, Bitcoin has accounted for 56.72% of the market share so far, while Ethereum only accounts for 12.62%.
Although Bitcoin has experienced large price fluctuations in the past month, it is not enough to weaken its market dominance, which has greatly affected the market share of Ethereum and made Ethereum face more intense market competition.
Before the competition between Bitcoin and Ethereum’s market dominance, there was no token that could shake Bitcoin’s market dominance in cryptocurrency, which is also the bitterness of Bitcoin in the cryptocurrency market.
The dominant position of Bitcoin has never been challenged
On June 19 last year, when Ethereum seized 30% of Bitcoin’s market share, the market share reached 38%. At that time, the Bitcoin market became the weakest time in history. Ripple ranked third with 9.6%, followed by Litecoin with 2.25%.
Since then, Bitcoin’s market dominance has been restored by December 2017, when Bitcoin’s 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% of the market. However, by March 30th, the dominant position of Bitcoin recovered to 45.02%, and the Ethereum fell to 14.63%. By May 5, Ethereum’s market share had once rebounded to 17.25%, while Bitcoin also fell to 36%, but since then Bitcoin has steadily dominated the market.
On January 13, 2018, Ethereum reached a price of $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 predicament of Ethereum continues
The decline in Ethereum prices is largely attributable to the high market prices and the Ethereum trading hotspots. The price increase of Ethereum at the beginning of last year was large, mainly due to the promotion of ICO activities. Analysts predict that this trend will continue in the future.
Yesterday, on September 9, Bitcoin prices rebounded slightly from $6,147 to $6,447. This wave of rebounds is of great significance at this stage. Bitcoin’s recent shocks in the range of $6,100 to $6,400 have been much more stable than last week, with trading volumes approaching $3.8 billion.
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.