After tapping 44.18 percent, 47.71 percent BTC dominance is a possibility

After tapping 44.18 percent, 47.71 percent BTC dominance is a possibility

• Bitcoin (BTC) has 44.18 percent market share, Ethereum (ETH) has 16.87 percent, and Tether has 5.9 percent.
• After then, BTC Dominance reached 46.58 percent.
• In the midst of the current market sell-off, traders are gravitating toward the larger cryptos.

In a tweet on May 27, CoinGecko, the world's largest independent cryptocurrency data aggregator, released some numbers about the present market dominance. The current market domination, according to CoinGecko, is as follows: Bitcoin (BTC) has a 44.18 percent market cap, Ethereum (ETH) has a 16.87 percent market cap, and Tether has a 5.9 percent market cap.

Market dominance (Source: CoinGecko)

Altcoin Buzz, another Twitter user, also commented on the present market domination. "BTC Dominance touched 46.58 percent," the user stated. Let's see if we can reach 47.71 percent of the population." "It's not a good indicator for altcoins (pairs in BTC)," the person went on to explain.

"With 2x leverage, access members took a scalp short on the ETH/BTC pair contract & made a 12.5 percent profit!" concluded Altcoin Buzz.

Ethereum/Bitcoin 1-hour (Source: Twitter)

It's vital to remember that, in the midst of the current market sell-off, traders are gravitating toward the larger cryptos. People are attempting to avoid taking risks and are unsure what to do while the US Federal Reserve continues to raise interest rates.

As a result, more people are turning to BTC, often known as digital gold, increasing the cryptocurrency's market dominance.

After a 2.24 percent loss in the previous 24 hours and a 4.18 percent drop in the last week, BTC is now worth $29,007.42.

The market capitalization of Bitcoin is now $553,802,000,113. A 24-hour trading volume of $43,586,035,217 was also recorded for the cryptocurrency. This represents a 58.10 percent increase over yesterday's figure.