Bitcoin Dominance refers to the ratio of Bitcoin to the entire cryptocurrency market. Specifically, Bitcoin Dominance represents the market share of Bitcoin in the total set of cryptocurrencies. Bitcoin dominance is calculated as a percentage and shows the market value of Bitcoin compared to the entire cryptocurrency market.
Typically, when Bitcoin Dominance is high, it means that Bitcoin has more market share than other cryptocurrencies. This could indicate more demand for Bitcoin or a major drop in the value of other cryptocurrencies.
On the other hand, Bitcoin's declining dominance indicates that other cryptocurrencies have captured more of the market than Bitcoin. This may mean the growth and development of other cryptocurrency networks or instability in the value of Bitcoin.
Therefore, Bitcoin Dominance can be used as an indicator for an overall view of the cryptocurrency market and analysis of the behavior of the cryptocurrency market.
