Today, the number of cryptocurrencies available to trade in the market reached a record 19,780 cryptos. That's a 252% increase since June of last year.
Let's take a look at a year-over-year rate of change in the number of cryptocurrencies in the market. Then let's cross that with the rate of change in the overall market cap of all cryptocurrencies YoY. Simultaneously, we'll keep an eye on the Bitcoin dominance rate of the market.
We find out that despite the abundance of cryptocurrencies in the market, Bitcoin has little competition from other cryptos. In fact, the abundance of cryptos is harming and chipping away at the total market caps of the largest cryptos except Bitcoin.
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Now, if we exclude all ICOs, stablecoins and other centralized cryptos and used the buybitcoinworldwide.com dominance model, we'll find that Bitcoin dominates 70% of the market.
The story is clear: Bitcoin has no real competition in the crypto market. The only competition we can see is a sort of "cannibalization" among various cryptocurrencies. Finally, both dominance models will likely see Bitcoin's dominance gain additional dominance (double digit gains) once market conditions improve.