Crypto king Bitcoin’s share in the total cryptocurrency industry cap has plummeted by 41.1 per cent this year so far – from about 68 per cent at the starting of 2021 to close to 40 per cent ($813 billion) as of Monday, according to the information from CoinMarketCap, even as the industry share of other cryptos such as Ethereum, Cardano, Tether, and more has jumped. For instance, Ethereum grew from 10 per cent to almost 19 per cent when Cardano jumped from .70 per cent to 3.67 per cent and Tether from 2.77 per cent to 3.67 per cent. The general industry cap of cryptocurrencies at present stood at $1.91 trillion.
Not just its share in total crypto industry cap, the industry share of Bitcoin owners in international crypto owners has also declined. According to a report by Hong Kong-based payments and cryptocurrency platform Crypto.com titled Measuring Global Crypto Users: A Study to Measure Market Size Using On-Chain Metrics, “When checking the composition of crypto owners, we found that Bitcoin and Ethereum were losing their market shares. New challengers like Proof-of-Stake protocols and meme tokens showed great potential in May, especially after Bitcoin mining came under more scrutiny.” The July 2021 report also noted that the quantity of international crypto customers had reached 221 million in June 2021 and that it took only 4 months for the international crypto population to double from one hundred million to 200 million.
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“There are other utility tokens one can look at and get better returns. Also, investors are diversifying their crypto portfolio wherein they are putting 60-70 per cent of their money in bitcoin and rest in altcoins,” Nischal Shetty, CEO of Bitcoin exchange WazirX had told TheSpuzz Online. As per CoinMarketCap, there are 12,170 altcoins (coins other than Bitcoin) up from 8,655 as of March 2, 2021, this year. Ethereum has been major the altcoin tally with a $359 billion industry cap followed by Cardano with $70 billion, Tether with $68 billion, and Binance Coin with $58 billion in the top rated 5 bracket.
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