Bitcoin Market Dominance Reaches The Highest Point Since December 2017
- Bitcoin’s market share grows to almost 63 percent after a fast price increase to $13,700
- The digital currency fell 5.45 percent in the last 24 hours
Bitcoin (BTC) has moved to $13,700 a few hours ago and this has positively affected the Bitcoin network. Indeed, the market dominance of the most popular digital asset has reached the highest point since December 2017, according to data provided by CoinMarketCap. If Bitcoin dominance reaches 64.1% it would reach the highest point since April 2017.
Bitcoin’s Market Dominance Expands
Since August 2018, Bitcoin’s market dominance has been over 50% with peaks to 57%. However, during the last few days, Bitcoin’s dominance surged above 60% and reached 62.82%. Bitcoin has been moving upwards during the last months but altcoins have been lagging behind in terms of price performance.
Other digital assets such as Ethereum (ETH), XRP or Litecoin (LTC) have been falling compared to Bitcoin. This is surprising because the three cryptocurrencies have been involved in different projects and events that should have helped them increase their price compared to Bitcoin.
For example, Litecoin is expected to be halving in August, in less than 40 days. However, the digital currency has been falling against Bitcoin. LTC fell from 0.017705 BTC to 0.009426 BTC since the beginning of June. This represents a decrease of over 46% of Litecoin’s price in BTC terms. And the same happened with other digital currencies in the market.
The dominance that Bitcoin is currently having is similar to the one that it experienced in previous bull markets. When Bitcoin moved above $10,000 for the first time, the dominance reached 60%, it stabilized for a few days, and it kept growing during the last hours.
On December 4, 2017, Bitcoin had a market dominance of 60.96% compared to 60.87% a few hours ago. Ethereum had a market share of 10.85% while now it has 9.74%. Bitcoin Cash accounted for 6.04% and now 2.47%. Litecoin had a market share of 1.6% and now 2.43%. Furthermore, XRP had a market dominance of 2.34% and now it has 5.73%:
Many other digital assets such as Dash, Monero (XMR), IOTA (MIOTA) or NEO have also substantially lost part of their presence in the market. There are several other tokens that have been growing during the last months and taking an important part of the market from other digital currencies.
Bitcoin dominance approaches its highest level since Dec 2017. pic.twitter.com/LjhClzQbXz
— Spencer Noon (@spencernoon) June 26, 2019
It is worth mentioning that Bitcoin is the cryptocurrency with the best fiat on-ramp options around the world, which is very important for Bitcoin to remain the largest digital asset. New investors interested in virtual currencies would mainly be able to enter the space through Bitcoin rather than through other digital assets.
At the time of writing this article, CoinMarketCap shows that Bitcoin is currently being traded close to $12,000. The digital currency has a market capitalization of $213 billion. In the last 24 hours, Bitcoin fell 4.59%. However, it is the best performing cryptocurrency among the top 20.
Bitcoin’s price is $31,858.58 BTC/USD exchange rate today. The real-time BTC market cap of $592.32 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $17.65 Billion and live coin value change of BTC -8.99 in the last 24 hours.