• Bitcoins’ supremacy/dominance at Coinmarketcap is steadily declining from over 50% all the way to 40.2% as of August. 
• This year, what started as a social media joke, Meme coins have outperformed major cryptocurrencies beyond anyone’s expectations.

Bitcoin, The first and most popular cryptocurrency hit the headlines in November 2021 when it hit an All-Time High of $68000 up to date. Since then, What was once a dream has now turned into a nightmare due to the market crash, Bitcoin turned bearish and is now in the $24,000 to $25,000 range.

According to Coinmarketcap, A website that provides price details of most cryptocurrencies, Bitcoin has been holding the top position since its creation. During its early years, Bitcoin’s market capitalization has been higher than most of the other cryptocurrencies’ market capitalization combined.

The big question is whether Ethereums‘ strong price gain has led to the downfall of Bitcoin. Generally, Bitcoin Dominance has fallen steadily. As of August, According to Coinmarketcap charts, shows that Bitcoins’ dominance has gone down to 40.2%  all the way from over 50%.

Altcoins could be the root source of Bitcoins’ downfall. Coins such as Ethereum are increasing in value very fast. Meme coins such as Dogecoin and Shiba Inu and projects such as Avalanche, Solana, and Cardano perform trenchantly during bullish markets. Percentage gains garnered by altcoins during a bear market are more compared to those of Bitcoin.

Bitcoins’ lead over altcoins continues to diminish as time goes by but the fact still remains that Bitcoin is the king of cryptocurrencies and controls half the market share. Hence, the market generally follows its lead. While Bitcoin climbs, most altcoins follow pursuit and vice versa.

‘Wen Flippening?’

Quantum Economics Founder and Chief Executive Officer Mati Greenspan talked of Ethereum ever outdoing Bitcoin. This seems like mission impossible but numbers don’t lie.

“Even though there’s no guarantee this will ever happen, just looking at the numbers, it does seem like this event is getting closer by the day.”

Support The Flippening pic.twitter.com/h2wl1ncGnA

— JRNY Crypto (@JRNYcrypto) July 23, 2022

With Ethereum waiting on the merge Ethereum 2.0 expected to happen Sep this year, second in the charts after Bitcoin, and has a long way but let’s not forget other competitive currencies such as Cardano, Solana, and Avalanche are still lagging behind.