Bitcoin’s Market Share Dominance Crosses 58%, BTC’s Highest Point Since December 11, 2017
Bitcoin has been doing extremely well as of late. It broke above $6,200 levels and set a new maximum of 2019 at $6,234 amid strong bullish momentum. What’s interesting is that we can see that people's trust in Bitcoin is growing while it cannot be said for other cryptos.
As the trading volumes of BTC rises, Bitcoin dominance surpassed 58.00% and hit the highest level since December 2017. The investor community is confident of what the future holds. The number of Bitcoin public addresses are up and with increasing prices, the network’s hash rate is up 377 percent revealing that Bitcoin doesn’t care about bad news.
Traders can use the Bitcoin Dominance Index to gain insight into the market and more specifically, the sentiment of traders. The price of an asset is a function of supply and demand, so the index effectively measures demand for Bitcoin relative to the demand for altcoins. Traders could also use the index to infer the market's risk aversion.
While we can see that Bitcoin had a great month, especially the last two weeks following its price and dominance saw massive gains, most altcoins have suffered significant losses both by value and market share against BTC. Bitcoin is staying strong with gains nearing 3% on the day.
The biggest bleeder of the day in the Top 20 is Cosmos, with a massive loss of almost 13%, followed closely by BNB, as well as showing a painful loss of -11.55%. Stellar and Cardano follow with losses over 4% and 6% respectively. Both Cosmos and BNB, are only outperformed as worst coin of the day by Maximine Coin, which recorded a loss of -17.71% on the day.
Many crypto analysts are noticing this too. Popular analyst and crypto ecosystem influencer Trading room notes:
Big Picture#Bitcoin surged to a new 2019 High while ALTs continued their bleeding
ALTs are melting down across the board pic.twitter.com/L5y4FJZ6Ad
— Trading Room (@tradingroomapp) May 9, 2019