A Rising Bitcoin Dominance Seems To Be Bullish For The Most Popular Cryptocurrency
There are different virtual currencies in the market that seem to be very promising for the future. However, not all of them are showing signs of being able to steal a large part of the market from Bitcoin (BTC). The most popular virtual currency in the market has been increasing its market dominance in the last months, showing that it remains very strong in the market.
Bitcoin’s Dominance Continues To Grow
There is an indicator that is called Bitcoin Dominance Index and that it shows how Bitcoin is valued compared to other markets combined. According to it, the second project by market capitalization does not even have 20% of Bitcoin’s market capitalization. That shows that Bitcoin remains a leader in the space, and this is not expected to change in the future.
According to CoinMarketCap, Bitcoin currently has a dominance of 57.3% and it has increased to the highest point since December 2017, when Bitcoin was traded close to $20,000, its all-time high.
During the last months, there were some individuals saying that we were in an altcoin season in which other digital assets were growing faster than Bitcoin itself. However, this growth was just experienced by some digital assets rather than by most of them. For example, Litecoin (LTC) and Binance Coin (BNB) were the best performing digital assets among the top 10.
As Bitcoin’s halving is getting closer as time passes, we could see investors placing their funds in Bitcoin rather than in other digital assets. However, this is something that can change in the future.
During 2019, Bitcoin’s dominance has been growing even when at the beginning of the year, many individuals and experts claimed that the crypto market was going to keep falling. Bitcoin surged and showed it is resilient and strong enough to gather the attention of investors and remain competitive.
Bitcoin’s market capitalization has also been growing. As the market moved from almost $100 billion from over $270 billion at the time of writing, Bitcoin alone now has a market cap of $154 billion. Bitcoin has also a price of $8,733.