Bitcoin Dominance (BTCD) represents the percentage bitcoin holds in the cryptocurrency space. Bitcoin remains the most valuable cryptocurrency in the world market. With the introduction of Ethereum and other cryptocurrencies, the value of Bitcoin might have significantly degraded over time.
Yet Bitcoin remains a large part of the trading community over various cryptocurrency exchanges. At present, there are about 500 different coins actively being traded on Binance, the largest cryptocurrency exchange.
Although this makes it difficult for BTC to occupy a larger share of the total market value. However, till date, no cryptocurrency can match up with the popularity of Bitcoin. So whenever the value of Bitcoin falls, the market starts to follow the same trajectory.