Lol 65% dominance for bitcoin is nothing historically speaking. Prior to 2017 80% dominance for BTC was the norm. I remember at one point in 2015 it went as high as 92%.....
well the number of shitcoins in circulation in 2015 was 1/15 of the current amount. so when the number of shitcoins grew and people started to care about market capitalization silly things such as "dominance" started shaping up and with nearly 3000 shitcoins in circulation today that percentage which has nothing to do with dominance came down!
and the funny thing is as these shitcoins started to die and the number started dropping from 3000 down to 2100ish, that meaningless percentage started growing.
so if anything this percentage is only showing the number of shitcoins in circulation
Exactly. The biggest reason why BTC dominance has been so low over the past few years is because the market has been flooded with shitcoins with artificially high marketcaps. Now that this is being corrected by the market a clearer picture of what BTC's real dominance always has been and continues to be is coming back into focus.