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Bitcoin's market share fell to a three-year low of only 40%



The altcoin has risen to a three-year high after hitting a combined market capitalization record of nearly $1.5 trillion last week.

Altcoin dominance has soared to its highest level in roughly three years as bitcoin plunged again on Elon Musk's tweets.

As of now, Bitcoin (BTC) accounts for 40.3% of the total market capitalization of combined crypto assets, the lowest value since June 2018, according to CoinMarketCap.

Research: Bitcoin Is Used Not As A Store Of Value In Venezuela, But As A Bridge Currency: Research by data scientist and researcher Matt Alhborg on a Venezuelan blackout reveals how Venezuela dominates South America’s crypto space. The research also shows that Bitcoin is primarily used as a "bridge currency" between the U.S. dollar and the local currency. The blackout, which occurred on March 7, halted economic activity across the country for several days due to power outages. During this incident, Alhborg observed a sharp drop in bitcoin and crypto trading volumes in Venezuela. (Coin Gape)[2020/3/26]

Bitcoin hit a market dominance low of 33% in January 2018 when it was cooling off from its previous peak, while altcoins were just starting to hit their highs. It is now not far off its second-lowest level of 36% three years ago in May 2018.

Voice | Grayscale Investments: Bitcoin is a better substitute for gold: According to Sina Finance, Grayscale Investments, a subsidiary of Digital Currency Group (Digital Currency Group), has launched a provocative advertising campaign, saying that Bitcoin is a better alternative to gold. A better substitute for gold. The campaign touted bitcoin as a better store of value, saying it was safer and borderless. And, it turns out, gold investors are also on the sidelines. On May 7, six days after the ad was published, the Grayscale Bitcoin Trust was the most actively traded stock on the over-the-counter market. [2019/5/12]

Aliant Payment, a credit card service provider: credit cards support Bitcoin and Ethereum payments: On January 23, Aliant Payment, a credit card service provider, issued a document stating that the company’s payment system already supports payments to merchants using Ethereum and Litecoin payments. The solution is in the final testing phase and is expected to be available by the end of the first quarter of this year. It is understood that they have launched a processor that supports bitcoin payments in September last year. [2018/1/23]

The total altcoin market capitalization is now at $1.25 trillion after hitting an all-time high of nearly $1.5 trillion last week.

Ether (ETH) has seen a sharp rise in market dominance recently, with ETH's market capitalization climbing to about half that of Bitcoin's, representing more than 19% of the cryptocurrency market. ETH also accounts for 32% of the total market capitalization of the altcoin market.

Binance Coin (BNB) ranks third with 4% of the total cryptocurrency market capitalization, followed by Cardano (ADA) with 3.3% and Dogecoin (DOGE) with 3%. In comparison, BNB accounts for 6.7% of the total altcoin market capitalization, Cardano 5.5%, and Dogecoin 5%.

Elon Musk may have deepened Bitcoin's downtrend, suggesting in a tweet on Monday that Tesla might dump its BTC holdings, triggering a 15% plunge in 18 hours.

While Bitcoin is now down 35% from its April 14 all-time high, several altcoins have seen weaker pullbacks, with ETH now down 24% from Wednesday’s high of $4,350.

Despite the bearish meta trend, some markets are bouncing back, with Cardano rallying to an all-time high of $2.45 on Sunday.


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