Bitcoin Dominance Reaches The Highest Levels In Over 2 Years, Next Target 80%?
- Bitcoin dominance about to touch 70%
- Altcoins are doing nothing but bleeding
During this bull market, altcoins have failed to show any signs of revival. Though experts are expecting the altcoin season to kick on either once Bitcoin tops out or in 2020, the picture painted by altcoins is ugly.
This is evident from the fact that among the top 20 cryptocurrencies, about 13 are down 90 to 96 percent from their all-time highs (ATH).
There is blood all over the streets of the cryptocurrency market, right now.
Bitcoin Dominance About To Touch 70%
Since May 2018, Bitcoin dominance has been on the rise. Though it dropped in March 2019 momentarily to 50 percent, it has been back in the game ever since.
Currently, Bitcoin market capitalization accounts for more than 68.6 percent of the entire crypto market share. Yesterday, we went as high as 69%.
This level was last seen in July 2017, two years back during the bull run. Given the way, BTC dominance gained traction in Q2 of 2019 and with no chance of alt season yet, it is only expected to grow further.
It also won’t be much of a surprise, if BTC manages to cover 80 percent of the share. According to some enthusiasts, it can go as high as 90 percent even, with no positive movement seen in altcoins.
We've come a long way. Target of 80% seems reasonable. https://t.co/MkWQJErnt0
— Tuur Demeester (@TuurDemeester) July 16, 2019
Altcoins Are Doing Nothing But Bleeding
Bitcoin is up, altcoins are down.
Bitcoin is down, altcoins are down even more.
This is what we have been experiencing so far in this bull run.
Altcoins’ prices are dropping like crazy, down up to 16 percent. Though XRP is seeing the least percentage of losses of 3.33, it has fallen below $0.30 level and is in the red by over 14 percent YTD.
However, this is not all for altcoins, they are expected to fall even further before majority of the altcoins, or some, see any greens.
Total market cap, as a result, has come down to $248 billion, a level last seen before mid-June.