For the first time, Bitcoin’s market capitalization as a percentage of all cryptocurrencies has dropped to below 50%.
It is a symbolic turning point for the first cryptocurrency, which for a long time accounted for more than 90% of the value of all blockchain-based assets combined, particularly through a period when so-called alt-coins that were only minor tweaks to bitcoin proliferated.
Its market capitalization then comprised over 80% of all cryptocurrencies for years, a range that held true until two months ago when it dipped below 80% and not only did not recover but did a quick dive straight down.
Coinmarketcap.com
Screenshot from Coinmarketcap
Several factors are driving the drop from its status as the clear leader.