Market dominance is a shitty indicator, we all know why: it is based on market prices.
actually it is because market "dominance" is based on market capitalization which is then mainly affected by the coins supplies. i posted some numbers here
https://bitcointalk.org/index.php?topic=5158938.msg51618134#msg51618134basically we were dividing 16,000,000 by 30,000,000,000,000 and ended up with 40% bitcoin dominance.
today we are dividing 17,000,000 by 12,000,000,000,000 and end up with 60% bitcoin dominance!
of course that is just part of it. the other main reason is the fact that altcoins have been dumping and disappearing to 0 for the past 1.5 year starting from 2018.
After Bitwise report, where we learnt that many exchanges faked volumes, and ultimately prices themselves, we cannot ignore anymore those flaws.
you can fake volume (which won't affect market cap hence no effect on "dominance") but you can't fake prices without spending a ton of money.
Another way of looking at the same phenomenon is the following: relative price movements of shitcoins versus BTC over the last 3M
1BTC=1BTC
Elsewhere: red, red everywhere.
EXACTLY!
that is what i have been saying forever! people always look at the wrong values when they check altcoin prices. and the funny thing is that they are all trading them with bitcoin but they look at their prices in USD!!!
~
What are your toughs?
as an experiment to know why market cap is a bad indicator for "dominance" and to understand the comment i linked above you can go ahead and calculate the REAL market cap of top altcoins by removing their premines and only using their REAL supply that is actually in circulation not locked away somewhere. then you can see that each of them lose at least 70% of the market cap that they currently have specially big coins that have big premines among the top 10 altcoins.