Bitcoin's market dominance sits at 69 percent—up from 33 percent at the start of this year—but a new report suggests a more accurate value should be closer to 90 percent.

Market dominance refers to Bitcoin's market cap as a percentage of the total cryptocurrency market cap. The tool is used to show where the market is putting its money.

But, as though dominating such a huge percentage of the market wasn't enough, blockchain analytics firm Arcane Crypto suggests the figure should be even higher. Crucially, it argues that the figure should take into account the liquidity of each cryptocurrency.

By weighting the market capitalization of all cryptocurrencies against their trading volume, it was found that Bitcoin actually constitutes more than 90 percent of the market when using trading data from the top 10 reputable exchanges. But that's not all.

Arcane Crypto also found that when excluding stablecoins in these calculations, Bitcoin's dominance is closer to 92.4 percent. Perhaps there are more maximalists out there than we think.