Bitcoin dominance has slid from 71% to 41% in the span of a year and Ethereum’s smart contract dominance has slid from 80% to 60%. This goes on to prove that crypto ecosystem is thriving with newer projects which are increasingly giving competition to the first gen coins.
The dominance of these legacy coins are dwindling with each passing year and that is a great news. No singular coin should hold the power to dominate the entire ecosystem.
And with increase in adoption amongst the newer users coupled with the thriving & buzzing developer ecosystem ensuring that new projects with newer use cases always comes up- this sure paints a very bright future for all of us.
Ethereum still leads the market with 80% dominance in the smart contract platform but other projects are slowly catching up to the speed not necessarily intending to replace it.
Polkadot with $40b market cap, Solana with $60b market cap, Avax with $30b, Algorand $11b, Cosmos with $7b etc are all making greater strides towards achieving a variety of newer business cases.
Even ethereum with all its L2 protocols is trying to make our world more inclusive by making a variety of use cases feasible (mostly by making the platform scalable). The current gas fees on most of these L2 platform lies between $0.15 – $0.50 and with time & updates this will only improve.
All said- these reduction in dominance is very good for our ecosystem. It represents that we as a community are growing. These dominance numbers should and will decrease with time because our community should and will grow with time.