Bitcoin dominance over the cryptocurrency market has crossed the 50% barrier, according to the data from Coinmarketcap. This is the first time it has happened in 2018 (previously, Bitcoin dominance was over 50% on December 19th, 2017).
On August 11, CoinMarketCap’s bitcoin dominance rate – an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency, showed that over 50% of the total market cap is constituted of Bitcoin. All the other altcoins constitute for the remaining 50%.
Out of the total market cap of $215.125 billion, Bitcoin holds $112.076 billion, while all the altcoins combined constitute for $106.049 billion.
As seen from the 3 months graph of the cryptocurrency dominance, it is clearly seen that Bitcoin’s dominance has been increasing steadily and continuously. Since May 15th, it has increased by close to 14%, which is commendable, considering the ongoing bearish trends.
However, during the past 7 days, Bitcoin price has broken several critical support barriers to reduce in price by over $650. This has caused huge fluctuations in the trading volumes, pushing it down to as low as $3.69 billion and as high as $5.6 billion. Despite the fluctuations in value, the Bitcoin dominance rate seems to hold steady at the moment.
Image via Shutterstock
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