With every new token circulating in the market, they should add up some value and have their own share of total dominance by price.
But for some years, we are having an increasing number of new coins and tokens being traded but still bitcoin is increasing it's dominance.
According to coinmarketcap, bitcoin now holds a 42% dominance. i.e. the 42% of total capitalization of cryptocurrencies is that of bitcoin.
How is it possible? Are altcoins failing?
Bitcoin had been on the top since thw beginning and it will remain there as long as people get money from it. It is convenient for people to transfer funds using bitcoin. And also, since there have been a lot of new altcoins there will be more to choose from, which will make other altcoins to gain dominance on the market.