After dropping to a low of 46 percent, Bitcoin dominance (Bitcoin’s market capitalization as a percentage of total cryptocurrency market capitalization) is back over 50 percent. In a bear market, Bitcoin is reasserting itself vis-a-vis altcoins.

Ripple loses steam

One of the real challengers to Bitcoin’s dominance has been Ripple. At its peak, Ripple had a market capitalization of $17 bln and accounted for about 25 percent of the total crypto market cap. However, over the last one week, its price has fallen sharply and it has lost approximately 60 percent of its value in BTC terms.

The steady challenger to Bitcoin remains Ethereum, which now accounts for 20 percent of the total crypto market capitalization. The contribution of Ethereum to the total crypto market capitalization has remained between 15 to 20 percent over the last two months.

Other coins like Litecoin, Monero, Dash and NEM have risen substantially but have not mounted a serious challenge to Bitcoin.