While Bitcoin critics claim this means that BTC is losing its first-mover competitive advantage, others are anticipating the “altcoin season” is just around the corner, or might even be already underway.
Bitcoin’s market dominance has continued to fall, bottoming out below 40% this week. That’s very close to the all-time low of 36.7% in January 2018, according to data from TradingView.Bitcoin (BTC) market dominance refers to the ratio between BTC’s market capitalization and the total crypto market cap.It’s not the first time its dominance has dipped in 2021. Back in May, Cointelegraph reported that BTC had dipped to represent just 40.3% of the combined crypto asset capitalization, according to CoinMarketCap, and it neared the same level again in September. Bitcoin critic and Europac chairman Peter Schiff tweeted about the event on Wednesday, saying that it’s indicative that BTC is “losing its first-mover c
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