According to CCN.com;
Signs of Diminishing dominance of Bitcoin
Firstly, Bitcoin (BTC) has had a hard time breaking the $9,000 levels lately. The King of Crypto has been unable to break through past $9k for the last 10 days. At the same time, the total crypto market capitalization has been oscillating between $360 Billion and $408 Billion. The current BTC dominance stands at 37.1% of this market cap. However, when we look at the dominance of Ethereum (ETH), it has increased from 17% in early April, to current levels of 18.55%.
Secondly, there has been a growing trend of tokens and coins doing double digit gains as Bitcoin (BTC) stagnates or dips further. Once such case is the recent 10% gains of Ox (ZRX), Zilliqa (ZIL), Aelf (ELF) and Ontology (ONT) on May 17th; less than 3 days ago.
This act of Ethereum gaining dominance over Bitcoin is known as Flippening in the Crypto-verse and has been further defined below.
Flippening is a term that defines the act of one or more altcoins, no longer riding on the back of Bitcoin in terms of deriving market value from it. It marks the end of the dominance and special status of one coin in the form of market capitalization and popularity amongst crypto enthusiasts, and the entry of a new, better and more popular alternative.
Source:
https://ethereumworldnews.com/the-flippening-of-bitcoin-btc-has-begun/So, what's your opinion about this news? First of all, is it true that Ethereum is slowly creeping to the top and probably dethroning bitcoin? Can we see in the future that the face of cryptocurrency is not Bitcoin but will be replaced by Ethereum? If that may happen, what will happen to Bitcoin?
Look one of the biggest mistakes people make when discussing dominance is looking at that figure on coin market cap.
The market cap and dominance figures should both be seen with a great deal of skepticism. Why well because most of the coins listed on cmc have really thin order books (no volumes) and someone with even about 100 btc or so could easily push a 10 million market cap coin to say 50-90 million by himself. As you can imagine when this happens with a lot of these different coins it will naturally push the btc dominance chart down, but thats not to say that btc is losing value in the market.
Furthermore the huge number of icos which are taking place on a daily basis right now many of which raise 5-25 million dollars means that btc dominance will continue to fall over time, but again its important to consider that most of these icos are outright fraud or dont actually raise the figures they quote and a lot of them will end up failing. All this leads meto conclude that you really shouldn't focus to much on those cmc dominance and market cap figures