For much of its history, bitcoin had been synonymous with the cryptocurrency market. But 2017 signaled a profound shift in market dynamics, with bitcoin accounting for a smaller share of the pie. This trend could intensify in 2018 as investors discover new use cases for the many altcoins hitting the market.
On Jan. 1, bitcoin accounted for nearly 88% of the cryptocurrency market’s total capitalization, according to CoinMarketCap. Twelve months later, that share has fallen to roughly 39%. At its lowest in June, bitcoin accounted for less than 38% of the market. Over that period, existing altcoins and those that emerged from bitcoin hard forks have seen their market capitalization rise.
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