Bitcoin is the dominant coin in the world of cryptocurrency. There is still no dispute there.
However, there is a growing chorus of people who believe tat we could see a flippening with Ethereum eventually overtaking Bitcoin as the largest cryptocurrency by market cap. Of course, we will not know this until it happens.
Could we be seeing a change in the air nevertheless?
Change is often progressive. It often takes place in stages. One of the first steps might be to eat into Bitcoin's total dominance.
This is happening right now. For the firs time since 2018, Bitcoin dropped below 50% of the overall market cap.
This is show on both Coingecko and Coinmarketcap.
It is obvious what is taking place. What is interesting, however, is the fact that we are seeing it happening so quickly. The "Alt-Coin" season is on it seems.
Part of the change is fueled by the DeFi platforms. Both Ethereum and Binance Smart Chain are seeing explosive growth and that is being shown in the markets. Both of these chains are now worth a combined $400 billion. The fact that they both account for more than 40% of the market cap of Bitcoin shows how quickly they are closing the gap.
Many major influencers have gotten on the bandwagon of Ethereum. This is helping to push that blockchain into the forefront. People like Marc Cuban are all over the NFT craze while others are jumping on the DeFi craze.
Both these are major on Ethereum.
Of course, we cannot overlook BSC. This is starting to eat a lot into Bitcoin's dominance. This chain, while not decentralized, it is starting to pick up a lot of interest from smaller investors who cannot afford the fees on Ethereum.
Defistation has the tvl on this chain moving towards the $43 billion level.
This is, overall, a positive sign for the crypto-sphere. The fact that things are spreading is a step in the right direction. It makes the entire industry more resilient since there are less areas of attack.
For years, Bitcoin was the target for much of the FUD. It weathered the storm, holding strong while other projects grew out of the limelight.
Now we are starting to the results with Ethereum. Some are speculating that it is a coin that could push the $30K level at some point.
There is another piece to this story however. We are going to see this situation repeated a number of times throughout the next couple years. There are a number of projects that are capable of making a lot of noise.
As things mature, we are going to see more solutions provided. We still see a lot of speculation up and down the crypto industry. However, there will come a point where this takes a back seat to what is actually going on.
Activity is going to tell the story. One does not get the Network Effect simply by talking about potential. Eventually, we need to see where the people are going and what they are utilizing.
In the meantime, people are watching the top of the market cap rankings to see what is going on. Ultimately, for the industry to be very strong, the dominance of Bitcoin needs to drop a great deal. This will help to bring other players to the forefront, again encouraging overall decentralization.
We are seeing some major wealth generated through this industry. This is going to help fuel further development, enhancing the offerings that the entire sector has. What is amazing is that we are still awaiting the "Killer Dapp". This is not to say that cryptocurrency itself could not be considered one since it is.
Nevertheless, from a user perspective, the idea of jumping on an application for the sake of what it offers, and not the money, has not really come thus far.
When that happens, we could see a major shift immediately occur.
So we have some change in the air.
Cryptocurrency is growing up.
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