Bitcoin is now worth 57% of the entire crypto market, gaining a market cap of $108 billion.
Ethereum stands at about 10% of it at “just” $18 billion. XRP is at about 10% of bitcoin’s market cap too at $12 billion. While BCH is less than 5% at $5 billion.
That makes bitcoin still very dominant, with the crypto market for some beginning and stopping there.
The last time bitcoin’s market share was this high was in September, eight months ago, when it reached 57.30%.
Before that, we have to go all the way back to December 2017 when it went over 60%. Currently it stands at about 57.2%.
After fending off ethereum’s challenge during summer 2017, bitcoin has maintained dominance, with it growing since January 2018.
The reason is perhaps because the rest don’t offer anything much different for now. That could change in the future, but for now ethereum too has limited capacity, while bitcoin at least has the Lightning Network out.
Ethereum obviously plans to implement sharding, but just how that will work is a bit hazy, as are the tradeoffs.
One of the main use case for eth, moreover, is open finance for now, but that’s probably a very niche market.
The main use case for cryptos in general is probably as a new uncorrelated asset class that you can easily transfer without going through banks or intermediaries.
The market is clearly suggesting bitcoin does that better, with even Joseph Lubin of ConsenSys stating bitcoin is more decentralized.
Smart contracts is obviously a big differentiator, but mainstream appealing use cases have not yet quite developed for smart contracts and arguably can’t develop for now due to the limited capacity.
While for Bitcoin Cash, the other challenger, the problems there start with the name, which can be quite confusing to a newcomer.
Both BCH and ETH, however, are developing new things and are advancing the tech with some of their use cases potentially complementary to bitcoin, which remains dominant and seems to even be rising in market share.