Bitcoin Market Share Development History: From Monopoly to Fluctuation to Stability

A recent study conducted an in-depth analysis of the changing status of Bitcoin in the cryptocurrency market. The study examined the daily market share data of Bitcoin from April 2013 to July 2025.

Evolution of Bitcoin's Market Share

In the past 12 years, Bitcoin's market share has experienced significant fluctuations, ranging from a low of 31.1% to a high of 99.1%. Interestingly, during this period, Bitcoin maintained over 50% market share for two-thirds of the time, highlighting its 8-year dominance in the market.

From the annual data, the average market share of Bitcoin has gone through a process of first declining and then rising. It decreased for five consecutive years from 2013 to 2018, dropping from 93.3% to 44.6%. There was a rebound in 2019 and 2020, reaching 60.2% and 62.7% respectively. In 2021 and 2022, it declined again, falling to 47.6% and 39.3%. Since 2023, Bitcoin's market share has once again steadily risen, averaging 45.6% in 2023, 51.9% in 2024, and 59.3% from 2025 to now. Currently, Bitcoin's market share hovers around the 12-year average of 62.5%.

Key Node Analysis

Since February 2016, Bitcoin's market share has been below 90%, reflecting the gradual maturation of the crypto market. After the ICO boom in 2017 and the first altcoin bull market, the number of mainstream altcoins has increased, and their market value has also grown.

It is worth noting that since the peak of 70.7% on January 3, 2021, Bitcoin's market share has remained below 70%. Over the past 12 years, Bitcoin's market share has only reached or exceeded 70% for about one-third of the time.

On April 7, 2025, Bitcoin's market share rose to 60.5%, marking the first time in over four years that it has surpassed the 60% threshold. The last time it exceeded 60% was on March 15, 2021, at 60.6%.

Review of Historical Stages

2013 to 2016: Bitcoin dominated the market

During this period, Bitcoin held an absolute advantage in the cryptocurrency market, with a daily market share between 82.6% and 93.3%. Despite experiencing some fluctuations, such as a drop of 10.9 percentage points on March 29, 2014, and a sudden decline of 16.2 percentage points on January 15, 2015, it still maintained a high level overall.

2017 to 2018: The ICO boom impacts Bitcoin's status

In the past two years, Bitcoin's market share has significantly decreased. On May 16, 2017, it first fell below 50% to 48.5%. On January 16, 2018, it even set a historical low of 31.1%. The fluctuation in 2017 was particularly severe, dropping from 87.2% at the beginning of the year to as low as 37.6% in the middle of the year.

Bitcoin's resurgence from 2019 to 2020

During this period, Bitcoin regained its dominant position in the market, with a market share maintained between 48.8% and 72.5%. This is mainly attributed to the anticipation of the third halving in May 2020, as well as the increased interest from institutional investors viewing Bitcoin as "digital gold."

2021 to 2022: Altcoins Rise Again

During the 2021 bull market and the 2022 market adjustment, Bitcoin's market share continued to decline, from 69.5% to 38.6%. This reflects the increasing influence of altcoins in the crypto market.

2023 to 2025: Bitcoin enters mainstream

In the past three years, Bitcoin's market share has steadily increased from 38.4% at the beginning of 2023 to 58.5% as of 2025. This upward trend reflects a structural shift in the cryptocurrency market, attributed to the clarity of the regulatory environment and increased participation from institutional investors.

It is worth noting that during this period, the fluctuation range of Bitcoin's market share has significantly narrowed, with a change range of only -1.2 to +1.6 percentage points, indicating the gradual maturation and stability of the market.