Bitcoin’s market share has never been higher in more than two years since it begun falling to ethereum in 2017.
Rising now to above 60%, it has surpassed the previous high in October and December 2017.
Bitcoin used to account for pretty much the entire crypto market cap until the blocksize debate which eventually contributed to ethereum’s rise.
Almost precisely two years ago, ethereum nearly overtook bitcoin’s market cap. The latter however went on to rise, while eth saw a correction.
Bitcoin then goes on to roar, leaving much else behind, until its all time high of $20,000. At which point eth and XRP have their own roar, bringing bitcoin’s market cap to its lowest it has ever been at 33.41% on January 8th 2018.
Since then, bitcoin’s market share has increased in part because it fell less than other cryptos, some of whom lost as much as 98%.
Since December it has also risen more than other cryptos, with it doubling in value over last year, while eth is still 20% down.
That’s in part probably because everything is explained in comparison to bitcoin, including by the Ethereum Foundation which in explaining what eth is, says:
“ETH is digital money. If you’ve heard of Bitcoin, ETH has many of the same features.”
The new Facebook coin, for example, also led to an increased interest for bitcoin as the media in its widespread coverage of the news probably found it easiest to explain what bitcoin is first or to just mention it.
That’s the first movers advantage where it comes to awareness, with bitcoin’s gain also being in part because BCH had what we’ve called the worst fork ever, while eth made quite a few blunders last year.
So how long this increased bitcoin dominance will last, remains to be seen, but the “good” cryptos mentioned above tend to be complementary and gain to the benefit of each other as this space is still far too small with plenty of room for growth.