Cryptocurrency dealer and analyst Willy Woo has taken to social media to deal with the crypto neighborhood concerning Bitcoin dominance over the cryptocurrency market. In February, this key metric soared for the primary time since 2021 because of the newly elected president Donald Trump promising to impose excessive tariffs on imports from China, Mexico, and Canada.
Bitcoin dominance dropping in 2017
On February 17, Bitcoin dominance, which is the share of the general market capitalization held by Bitcoin, reached the extent of roughly 60.6%.
Traditionally, this vital metric has seen massive fluctuations. In 2017, Bitcoin’s whole market share confronted a significant decline because it sharply went down from the 89% excessive seen again in 2016. In 2017, when many altcoins have been launched (together with these on the highest 10 and high 20 lists now), Bitcoin’s market share dropped by greater than half and reached 41%.
In January 2025, this significant Bitcoin metric went as much as 71.3%, displaying BTC’s growing positions within the cryptocurrency market. This restoration could be right down to a number of drivers, which embody the launch of spot Bitcoin exchange-traded funds in January 2024, the elevated BTC adoption by monetary establishments within the US and different main international locations, and its acknowledgement as a retailer of worth as uncertainties within the world economic system and geopolitical tensions proceed to unravel. One other vital driver is that the US is now dominated by a pro-Bitcoin chief. As of now, the Bitcoin dominance stands at roughly 60.6%.
Willy Woo names key BTC dominance drivers
The afore-named dealer and cryptocurrency entrepreneur Willy Woo shared three key hurdles that introduced the Bitcoin dominance down in 2017 after which later too. He mentioned they coincided with “the final three cycles in crypto”, including that “it usually takes 3 errors for individuals to study.”
2017 VCs dumping on ICOs
2020 DeFi rug pulls
2024 Meme coin pump and dumps
That’s the final 3 cycles in crypto. It usually takes 3 errors for individuals to study.
That is why BTC dominance is climbing again to its correct equilibrium.
— Willy Woo (@woonomic) February 17, 2025
These drivers, per Woo, have been enterprise capitalists dumping their funds into ICOs in 2017, DeFi rugpulls in 2020, and meme coin pump and dump schemes confronted by the cryptocurrency market final 12 months. Now, Woo mentioned, “BTC dominance is climbing again to its correct equilibrium.”
As we speak, the world’s largest cryptocurrency Bitcoin has proven a small rise of lower than 1% in an try to get well from the 1.18% drop confronted in a single day. On the time of penning this, BTC is altering palms at $96,660.
