Bitcoin, cryptocurrency, Tesla, MasterCard, Paypal, Microstrategy, Cryptocurrency and Regulation of Official Digital Currency Bill, cryptocurrency ban, EthereumThe decline in bitcoin’s market cap is also attributable to multiple projects being executed on platforms beyond its own.

The largest cryptocurrency bitcoin, which started trading from around $0.08 per coin in July 2010, has gradually witnessed a decline in its share in the overall market cap of cryptocurrencies globally. From as much as 94 per cent market cap dominance back in May 2013, bitcoin’s share declined to 86 per cent in February 2017 before it plunged to 37 per cent in June during the same year, according to the data from CoinMarketCap. However, as more investors started to invest in it with its growing awareness and potential towards wealth creation, the cryptocurrency managed to regain the lost market cap share to up to 61.11 per cent as of March 1, 2021. The overall decline in the past nearly eight years for the crypto king has been 35 per cent. Nonetheless, the reasons behind this fall are more than just the mere proliferation of altcoins (alternative digital currencies to Bitcoin) over the years.

“More than just new coins coming in, the market size of crypto has been increasing in general even as there is more investor confidence that bitcoin is now not the only asset to invest in and there are other
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