Bitcoin has been in the doldrums for a few weeks from which it has not yet recovered and in which it has lost $40,000, beset by problems such as those caused by the closure of the network in Kazakhstan.
In this process, despite the fact that the rest of the cryptocurrencies have not staged an upward rally that serves as a counterpoint to bitcoin, they have received praise from different institutions, as happened with the broken spear in favor of solana by Bank of America.
As a consequence of this principle of penetration among investors of the idea that each cryptocurrency can have different values and uses, more and more cryptoactives proliferate, while medium-sized currencies consolidate and bitcoin loses ground in its domain. entire crypto market.
Less cake for bitcoin, more for the rest
The market capitalization of bitcoin during this last week, therefore, was around 39.2 percent with respect to the total of cryptoactives, according to the data offered by both Coinglass how put Coinmarketcap.
And despite the fact that this rate of dominance over the market did briefly fall to 38.13 percent on May 16, the reality is that bitcoin had not seen its share of power so reduced since May 2018, a period in that its share was reduced to 35 percent, but from which it grew to reach 77 percent exactly one year ago.
From then until now, bitcoin has been losing ground in the market, while the ether rose from 12 to 19 percent, solana went from 0.01 to 2.24 percent, and the BNB It climbed from 0.69 to 4 percent.
The use of other cryptocurrencies is extended when making payments
An example of how this diversification of the use of cryptocurrencies is taking place was exposed in a report BitPay, a cryptocurrency payment processor based in the U.S.
According to company data, published by Bloomberg, the use of bitcoin in businesses that allow payment with BitPay fell to 65 percent of the total, compared to 92 percent that the leading cryptocurrency monopolized in 2020 .
shopping with ether, meanwhile, accounted for 15 percent of total transactions, leaving stablecoins like tether with 13 percent of the recorded share, while other coins added to BitPay in 2021 as the dogecoin, the shiba inu and the litecoin They accounted for 3 percent.
In this sense, the use of cryptocurrencies to make online purchases received a strong boost last Friday, when Tesla announced that it would begin to allow payment with dogecoins, despite the fact that the cancellation policy applied to the digital asset is more restrictive than that used with legal tender currencies such as the dollar or the euro.
The importance of choosing investments well
Given the increase in the diversity of options that is taking place within a cryptocurrency market that is increasingly going beyond bitcoin, the Depasify CEO Alberto Mazaira, explained in finance.com podcast that it is important that new investors study the projects and applications of each cryptoactive, to invest in them “with common sense”.
Mazaira He also warned that, in a volatile market where investors find more possibilities to deposit their funds, it is necessary to know how to identify credible cryptocurrencies. And for this, “just as it happens with the actions”, it is necessary to take a look beyond its price.
“Now there are tokens associated with companies, for example the Crypto.com which is one of the largest companies in the world, or the Binance, and there are coins or tokens […] that they will have some ideals or others, one team behind or another, different venture capital financing, then that will give an idea of the seriousness of the issue”, explains the Depasify CEO.