According to the latest figures released today from CoinMarketCap, Ethereum dominance of the crypto markets has fallen below the symbolic figure of 10% for the first time since March 2017.
Ethereum has been experiencing a steady fall in dominance since at least mid-June when the same figure stood at just over 18.5%.
Dominance, which essentially expresses the ratio between an individual cryptocurrency’s total market value and that of the entire universe of cryptocurrencies, is used by some analysts to gauge the relative importance of a coin within the entire crypto eco-system.
At 53%, Bitcoin continues as the outright market leader in the dominance stakes, in a crypto market currently valued at just over $210 billion. Ripple – the third largest cryptocurrency by market cap – currently sees its own dominance sitting at just under 9%.
Falling Market Volatility?
The combined dominance of all cryptocurrencies sitting outside the league of the top ten cryptos – used as a proxy by many analysts as a means for gauging the adoption of public blockchain technology more generally – continues to hover at just over 18%.
That same figure has remained within the 18-20% band for approximately ten weeks now, indicating for some observers an overall general decrease in the volatility of crypto markets.