Bitcoin Dominance is Surging to Peak Bull Market Highs as BCH Loses Biggest Share, XRP with Biggest Gains
- Surging BTC Dominance is a sign of a Stronger Market
- This means “ alt coins are dead inside” says the crypto investor
- Altcoins: BCH sees the biggest drop followed by ETH while XRP records highest growth in share and then LTC
Bitcoin is up nearly 70 percent in 2019 till date. The leading cryptocurrency started the year at just below $3,750 and first shot up to $4,200 level in late February and then crossed $5,000 mark in early April.
Bitcoin might have started 2019 at a slow pace but now it is picking up speed as May saw it crossing the crucial level of $6,000.
Currently, BTC/USD is trading at $6,284 with 24-hours gains of over 3 percent. At one point, Bitcoin surpassed $6,300 on Bitstamp at $6,336 today.
While BTC price spikes, altcoins are in the red and green mix. While some coins like Litecoin that is up 2 percent and BAT that is surging by 10 percent along with Chainlink, Waves, Lisk, Aurora, ABBC Coin, Waltonchain, TrueChain, and others are in the green, with over 3 percent losses Tron, Cosmos, VeChain, NEM, and others are in the red.
The capitalization of the total market is also climbing upwards and has reached $193 billion. Meanwhile, BTC dominance is also constantly going up.
Currently, the share of Bitcoin market cap amounts for 58 percent of the entire market, as per Coinmarketcap data.
In reference to this surge, crypto trader Josh Rager says,
“BTC Dominance right at Sept 2018 highs. If it continues to push up, Bitcoin dominance will hit highs not seen since Dec 2017. And if you don't know what this means….. it means your alt coins are dead inside.”
4/ Another sign of a stronger market $BTC dominance continuing to rise (58%) to the highest levels since Dec of '17. We haven't seen a move higher where the garbage beta isn't outperforming BTC because everything has traded as a correlation of 1 risk on / risk off since 4Q17.
— Rptr45 (@Rptr45) May 9, 2019
Similar thoughts are echoed by Moon Overlord,
“BTC dominance absolutely mooning, dropping ALTS off at the graveyard on its way. Dominance closing in on a 10 point gain in barely a month.”
Since 2013 when a number of altcoins entered the market, BTC dominance has been on a downward shift that took the steepest drop in January 2018 going to about 34 percent.
However, since May last year, it has yet again started inching upwards and now looking to climb the December 2017 level. During the bull run of 2017, on December 8, BTC dominance has been at 65 percent.
When it comes to top altcoins, during the same period, Bitcoin Cash took the biggest cut as its dominance drops from 5.8 to 2.8 percent while Ethereum’s share saw a minor drop from 9.7 to 9.4 percent. Meanwhile, XRP saw a significant rise in its share from 2.3 to 6.9 percent followed by Litecoin that saw an up from 1.2 to 2.4 percent.
For the time being, Bitcoin dominance looks primed for more hike as experts expect altcoins to suffer while BTC relishes in greens.