Once again, Steem tops the chart as the most active cryptocurrency. For the past seven days Steem commands 49% of all Global blockchain activity.
Bitshares comes in second place with over 28% of all activity. Ethereum represents a little over 12 percent.
In spite of the fact that Bitcoin is the most well known cryptocurrency, the activity of Bitcoin represents only
5.5% of all activity. All the remaining cryptocurrencies represent just 4% of all activity.
The fact that most currencies seem to follow the volatility of Bitcoin is all the more surprising when you see these figures. When Bitcoin dips, most of the altcoins do the same. As Bitcoin rises, the altcoins tend to rise as well. Why would the market be dictated by a coin that only makes up 5% of overall blockchain activity?
I think as the market matures, we will see Bitcoin decouple from the altcoins and have less effect on their prices. This would be good for the entire market allowing coins to be valued on their individual merits instead of rising and falling with Bitcoin.