13.12.202111:10 Forex Analysis & Reviews: Bitcoin is no longer as formidable as it portrayed

Bitcoin continues to be the most dominant crypto asset at the moment, although its dominance now is not as obvious as it was before.

Panic, anxiety, fear factor, mass sales provoke a collapse of bitcoin's dominance. Ethereum also wants to dethrone Bitcoin from the top spot. Literally in one month, the price of Bitcoin declined by $ 20,000, which provoked its sharp collapse of dominance.

Due to the fall of digital gold, it was possible to observe a bloodbath on the altcoin market. At the same time, the dominance of bitcoin has decreased down to the level of 38%.

The last time such figures could be observed was already in the month of May. Recently, the level of bitcoin dominance has almost always been above 40%.

At the moment, the market capitalization of the crypto market is about $ 2.5 trillion, and bitcoin is about $ 1 trillion. However, after this fall, the capitalization fell to $ 920 billion.

The bitcoin dominance market must be above the 40% mark for the healthy functioning of the crypto market. The factors that significantly lowered the level of dominance of the main crypto-asset were mass sales, as well as the Omicron coronavirus disease.

The Fed also began to say that crypto assets are not a good means to protect against inflation. At the moment, digital gold is trading at a price of about $ 48,000 and, despite everything, occupies a dominant position in the crypto market.

Meanwhile, the dominance of Ethereum is 20%, which is one of the highest indicators up to 2018. Many analysts are confident that in the near future, Ethereum will dethrone Bitcoin from its pedestal due to its innovation and scalability.