What is Bitcoin Dominance
Bitcoin dominance refers to the relative size of Bitcoin’s market cap with respect to the overall size of the cryptocurrency market i.e., the market cap of all the existing cryptocurrencies combined.
Since it is a ratio, if Bitcoin’s market cap drops, its dominance doesn’t necessarily decrease. Bitcoin’s dominance could stay constant if the values of other cryptocurrencies also decrease at the same rate. Bitcoin dominances decreases as new cryptocurrencies appear or as the other cryptocurrencies capture market share.