Bitcoin Market Cap Hits 55% Dominance Despite $600 Drop to $6,776 BTC Price
Even on a day when BTC goes from $7,377 down to $6,776 USD Bitcoin has a way to make itself feel special. BTC now makes up 55 percent of the entire cryptocurrency market capitalization, making observers to say the bullish trend that occurred towards the end of the 2017 is about to be witnessed again.
Today, CoinMarketCap's bitcoin dominance rate, a signal that informs of the percentage of the whole digital currency’s market capitalization climbs 55 percent for the second time since December 19th, 2017, and August 14 2018.
At the moment, the bitcoin's market capitalization is now at $120,282,222,431 USD, while the global market cap is $219, 090,679186 USD and the global market cap excluding Bitcoin is $98, 019,256,807 USD.
The recent chart indicates that Bitcoin has been on a steady rise, and may continue to dominate the cryptocurrency space like it did last year.
A crypto analyst, Pomp, who observed Bitcoin dominance yesterday at 53% said: “Crypto total market cap: $240 Billion Bitcoin dominance: 53% . The crypto industry isn't going anywhere.”
Another popular crypto enthusiast under the name AVB said few days ago: “Two weeks ago, #bitcoin dominance was 53%, same as today. The price of bitcoin then was $6,300. Today it's $7,200. Money is moving back into bitcoin leaving the majority completely unaware of what is really going on.”
Last year when Bitcoin dominance was over 50%, conditions of the market were different compare to what is obtained this year.
Conditions were much different the last time bitcoin's market dominance was above 50 percent.
IN Dec, the average price of BTC was $17,605.81 in nearly all exchanges. It was over 60% the present price of Bitcoin today. In August when Bitcoin dominance was above 50%, the price of BTC was over $6,000. However, today the price of Bitcoin has dropped to $6,776.