Bill on cryptocurrencyOver the past five years, there has been a 56 per cent decline in Bitcoin’s share in total crypto market cap.

Crypto king Bitcoin’s share in the total cryptocurrency market cap has plummeted by 41.1 per cent this year so far – from around 68 per cent at the beginning of 2021 to near 40 per cent ($813 billion) as of Monday, according to the data from CoinMarketCap, even as the market share of other cryptos such as Ethereum, Cardano, Tether, and more has jumped. For instance, Ethereum grew from 10 per cent to nearly 19 per cent while Cardano jumped from 0.70 per cent to 3.67 per cent and Tether from 2.77 per cent to 3.67 per cent. The overall market cap of cryptocurrencies currently stood at $1.91 trillion.

Not just its share in total crypto market cap, the market share of Bitcoin owners in global crypto owners has also declined. According to a report by Hong Kong-based payments and cryptocurrency platform titled Measuring Global Crypto Users: A Study to Measure Market Size Using On-Chain Metrics, “When checking the composition of crypto owners, we found that Bitcoin and Ethereum were losing their market shares. New challengers like Proof-of-Stake protocols and meme tokens showed great potential in May, especially after Bitcoin mining came under more scrutiny.” The July 2021 report also noted that