Bitcoin’s actual market capitalization share may have actually grown above 90%, according to one new point of view. Despite mainstream crypto data analysts suggesting a 70% dominance level for Bitcoin, the folks at Arcane Research think otherwise. They believe Bitcoin’s share could be much higher than that.

The argument from Arcane Research is that liquidity should also be taken into consideration for determining Bitcoin’s dominance accurately:

“One might be able to sell one token for 3 dollars, but what happens if you want to sell 1 million? Without accounting for liquidity, market capitalization becomes a meaningless measure.”

With trading volume used as a liquidity indicator, Arcane Research did the calculation for volume-weighted crypto market capitalization. The new findings suggest Bitcoin dominance is above 90%, 20% more than current popularly accepted metrics.

The researchers did two analyses – one of which was based on the CoinMarketCap data while the other was confined to 10 crypto exchanges that Bitwise Asset Management identifies to have a reliable volume which hasn’t been manipulated or wash traded.

The researchers didn’t take stablecoins into account as they believe these asset-pegged currencies aren’t really a competition to coins with self-sustained intrinsic value.

According to the researchers, with such an eye-opening market dominance level, it’s very less likely for other cryptocurrencies to give Bitcoin any competition. They claim that the network effects are quite decisive as far as money is concerned, “where liquidity is everything.”

This massive dominance has its implications for investors as well as the developing payments infrastructure, and for projects relying on security of the public blockchain. Despite that, the study includes the caution that:

“It is notoriously difficult to compare and contrast different projects targeting different niches. For crypto, one could argue that the whole idea of measuring the relative strength of different coins and tokens falsely implies a competition between complementary solutions.”

Max Keiser, the former Wall Street trader and Bitcoin advocate, recently shared his views on the increasing dominance levels of Bitcoin – saying that “the 2014-2017 era of alts and hard forks is dead.”

According to CoinMarketCap, the current dominance of Bitcoin is around 70% which is the highest since April 2017.