currently held a dominance of 49.1% within the cryptocurrency market cap, making it the dominant player.
Ethereum held the second-highest market cap, with a dominance of 18.2% as of this writing. This data implied that, excluding Bitcoin, the total cryptocurrency market capitalization amounted to slightly over $536.3 billion. Additionally, this highlighted why price movements in Bitcoin often have a significant impact on the broader cryptocurrency market.dominance began to decline towards the end of 2021. Prior to that, it held over 60% of the market.
However, the launch and acceptance of other cryptocurrencies contributed to the erosion of Bitcoin’s dominance. As of the current moment, its market capitalization still stands at approximately $518 billion.BTC’s current price trendwas experiencing a slight loss, extending a trend from the previous trading session as observed in its daily timeframe.Notably, a consistent pattern of weekend losses had emerged over the past three weeks.