Bitcoin’s Dominance Fading As Investors Discover Other Crypto Coins

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Last Updated on 13 November 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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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.

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.

Advertentie.

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.

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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