The digital currency market is currently in a correction phase after a recent upsurge that pushed the price of Bitcoin (BTC) over the $12k level. At press time, Bitcoin (BTC) is trading below the $12 mark, with other altcoins losing as much as 12 percent of their values from the recent price rally. While this does not seem to be of much concern, as it’s a normal trend in the market, the dominance level of Ethereum (ETH) has raised some concerns.
Ethereum (ETH) is the second-largest digital currency by market cap. It is also the second most dominant digital currency after Bitcoin (BTC). However, the dominance level of Ethereum rapidly reducing and many digital asset investors and analysts are concerned about it.
The dominance level of Ethereum (ETH) has enormously underperformed Bitcoin. Ethereum (ETH) dominance level has plunged below 8 percent; it is 7.5 percent at the time of writing. This means Ethereum now contributes only 7.5 percent of the valuation of the entire digital currency market share. Ethereum has not found favor in the sight of the bulls to help it compete with Bitcoin. The altcoin season did not even do much for the coin.
Many thought that a wave such as an altcoin season would wipe out Bitcoin (BTC), as altcoins such as Ethereum (ETH) would be surging higher, leaving Bitcoin (BTC) behind. However, that does not seem to be the case. Rather, the table turned on the altcoin market, as Bitcoin (BTC) was the only coin surging significantly higher during the last bull run.
The dominance level of Bitcoin (BTC) is increasing on a daily basis. Earlier this year, Bitcoin dominance dropped to the 50 percent level; this was when many thought altcoins are taking over the market. However, the crypto king bounced back and reclaimed its territory. Since then, Bitcoin (BTC) has been growing in dominance. At the time of writing, the dominance level of Bitcoin (BTC) is 70 percent according to CoinMarketCap. BTC USD live price is $11,860 after plunging by about one percent over the past twenty-four hours.
A digital currency proponent on Twitter that goes by the name “StopAandDecrypt” said that; “Ethereum still has a long way to fall from here, and it will.” The analysis points out that Ethereum (ETH) was 20 percent better of the last time alt-season hit than it is presently. The analysis also shows that ICOs played a vital role in increasing the dominance level of Ethereum, but it has been a while since ICOs came onboard. The year 2017 was indeed a year for Initial Coin Offerings, and a lot of investors pumped their money in ICOs. This greatly contributed to the massive rise in Ethereum dominance.
Ethereum (ETH) Price Today – ETH / USD
At the press time, the second most dominant coin in the world is trading at $216 after a decrease of about four percent over the past twenty-four hours. The current market cap of the digital currency is $23.23 billion. The trading volume of Ethereum over the past twenty-four hours is $6.83 billion.