Bitcoin’s Dominance Fading As Investors Discover Other Crypto Coins

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As Bitcoin’s recent (almost) $70,000 price point makes even the greatest critics sit up and notice, the whole world has by now understood that there is more than just one crypto. Although Bitcoin is still very dominant in terms of market cap, it is becoming less so in terms of attracting new investment.

An online search for the terms Wall Street and altcoins will probably return you to this site first (we pointed them to Solana in September) but if you scroll down further, you will see that classic media also started noticing several other altcoins as from October already.

#Bitcoin Dominance 44.18% pic.twitter.com/CmSL5i8Cfz

— erkan tayar ☯️ (@giritlikritikos) November 12, 2021

Michael Pinsker, founder of wealth management firm Docupace said:

We’re seeing a shift in the industry where bitcoin went from being 75 percent of the overall cryptocurrency market cap to about 50 percent.

He expect that:

Percentage should come down even further.

This will mean more room for money flowing into other coins, with Ether being the main recipient. The Vitalik Buterin founded coin now has a total value of about $575 billion for all its coins in circulations and is slowly narrowing the market cap gap with Bitcoin, currently worth some $1.3 trillion.

The two giants of the cryptosphere combined make up some two-thirds of the nearly $3 trillion cryptocurrency market. Behind them, lots of altcoins are pushing forward to receive Wall Street’s blessing.

Don’t be fooled in thinking that JP Morgan or Goldman Sachs will be putting their money in Shiba Inu or Dogecoin though.

Inflation let’s crypto investment soar

On top of that broadening interest for crypto investment, is the ‘safe haven’ calling of a product that is not seeing ‘transitory inflation’ at any time as the number of coins is capped for most crypto currencies.

“Transitory inflation” with year-over-year commodity price changes. 🤡🌎 pic.twitter.com/176lV4fYbr

— Bitcoin (@Bitcoin) November 11, 2021

Inflation is not going away. Central banks printing money is a chasm that can’t be crossed.

Explained Dylan LeClair, head of market research at Bitcoin Magazine.

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