How to check Bitcoin market share? Why so high?

Bitcoin’s market share has now reached 50%, which is also the highest level since April 2021. It means that Bitcoin occupies a relatively large share of the entire cryptocurrency market and once again highlights the price of Bitcoin. stability and a solid position in the currency circle. But regarding market share, many people still don’t know how to check the market share of Bitcoin? Generally speaking, inquiries can be made on cryptocurrency data websites, exchanges, news, etc. Next, the editor will tell you in detail, hoping to help you understand Bitcoin better.

How to check the Bitcoin market share?

Query the data of Bitcoin market share to understand the share of Bitcoin in the entire cryptocurrency market. Market share is usually expressed as a percentage and shows Bitcoin’s market capitalization as a proportion of the market capitalization of all cryptocurrencies. The following are 4 ways to check Bitcoin market share:

1. Cryptocurrency data website

Many cryptocurrency data websites provide market share data. These websites often provide detailed information on the market cap, price, trading volume, and market share of various cryptocurrencies. Some commonly used cryptocurrency data websites include CoinMarketCap, CoinGecko, CryptoCompare, and CoinCap, among others.

2. Cryptocurrency Exchanges

Some large cryptocurrency exchanges also provide data on market share, often along with their trading pair lists. You can find this information in the data section or market overview section of these exchanges.

3. Cryptocurrency news and analysis websites

Some cryptocurrency news and analysis websites usually publish market share data and analysis on a regular basis. These sites often provide deeper insights and explanations to help you better understand market dynamics.

4. Market Cap Ranking

Market cap ranking websites usually display a list of different cryptocurrencies ranked by market cap and include market share data. You can check these rankings to get market share information.

Why is Bitcoin’s market share so high?

There are multiple factors that play a role in the high market share of Bitcoin. The following 7 factors help make Bitcoin a major player in the cryptocurrency market:

1 , Founder Identity

Bitcoin is the first successful cryptocurrency, founded by an anonymous individual or team named Satoshi Nakamoto. This gives Bitcoin a unique status, viewed by many as the prototype and gold standard for cryptocurrencies.

2. Brand awareness

Bitcoin is one of the most well-known brands in cryptocurrency. It has been around for more than a decade and has become an important topic in the financial and technology circles, which has made Bitcoin accessible to the general public.

3. Widespread Adoption

Bitcoin has been widely adopted around the world. Many exchanges support Bitcoin transactions. It is also used to purchase goods and services, so it has a high degree of adoption. fluidity.

4. Security

Bitcoin’s blockchain network is currently one of the most secure cryptocurrency networks. It uses a powerful hash algorithm and decentralized consensus mechanism to reduce Potential risks of attack and fraud.

5. Stored Value and Investment

Many people regard Bitcoin as a stored value tool, similar to digital gold. It is also widely used for investing, with many investors viewing it as a safe-haven asset.

6. Network effect

As more and more people and institutions join the Bitcoin network, its network effect continues to increase. This means that more users, miners, and service providers will support Bitcoin, thus strengthening its position.

7. Technology development

Bitcoin’s development community has been continuously improving its technology to improve scalability, privacy and security. This helps keep Bitcoin competitive.

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