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0 sats \ 0 replies \ @scampy 23 Sep 2022 \ on: Does Bitcoin Dominance on Coinmarketcap Matter? Why? or Why not? bitcoin
The issue with the standard dominance metric is that:
- It includes stablecoins, which aren't competing with Bitcoin's use case.
- It includes tokens which can have inflated market caps (pre-mines, low liquidity, lock ups, etc.).
That said, you might be interested in this site which compares Bitcoin to other tokens with a fair launch and distribution:
https://buybitcoinworldwide.com/stats/bitcoin-dominance/
If you include Ethereum, Bitcoin's dominance is ~66%. This may not be terribly representative of "true" dominance because Ethereum had a ~50-60% pre-mine and also has ~10% of its supply locked up in the deposit contract.
Bitcoin dominance among the pure PoW coins with no pre-mine is ~95%. If you believe (as I do) that PoS is fundamentally broken and cannot last long-term, then this is the metric to pay attention to.