1. Current Market Capitalization
- Bitcoin's market cap is approximately $1.2 trillion (specific values fluctuate with price and need real-time updates).
- Market cap calculation formula: Circulating Supply × Price per Bitcoin.
- The circulating supply of Bitcoin is about 19.7 million coins (with a maximum supply cap of 21 million coins).
2. Market Share (Dominance)
- Bitcoin accounts for 50%-55% of the total market cap of the entire cryptocurrency market, a ratio that usually increases during bear markets and may slightly decrease during bull markets due to the rise of altcoins.
3. Comparison with Other Cryptocurrencies
- Second Place: Ethereum (ETH) has a market cap of about 1/3 of Bitcoin (approximately $400 billion).
- Stablecoins: Such as USDT (Tether), with a market cap of about $110 billion, but since it is pegged to fiat currency, it usually does not compete directly with Bitcoin in the rankings.
Historical Background
- Since its inception in 2009, Bitcoin has consistently held the top position in market capitalization.
- Its scarcity (fixed supply), decentralized nature, network security (leading hash power), and 'digital gold' narrative are the core reasons for maintaining its position.
Notes
1. Market Capitalization Volatility
The cryptocurrency market is highly volatile, with Bitcoin's price potentially fluctuating by 10%-20% in the short term, leading to dynamic changes in market cap rankings (although other tokens find it harder to surpass Bitcoin).
2. Competition and Challenges
- Public chains like Ethereum and Solana (SOL) compete at the application layer but still lag far behind Bitcoin in market cap.
- Regulations and technological upgrades (such as Bitcoin Layer 2 developments) may impact long-term rankings.
- Bitcoin, as the 'benchmark asset' of cryptocurrencies, is unlikely to be surpassed in market cap rankings in the short term, but investments need to closely monitor market risks and technological evolution.