Bitcoin dominance reaches 50% for the first time in 2018
16 August, 2018, 21:26 | Author: Billie Castillo
Push for the $6,800 resistance level by getting on the bearish market's heels and once this is broken, the drivers sit will be back in the hands on the bullish market. While the price of Bitcoin continues to be highly volatile, if this kind of a reaction continues and the gains keep increasing, the currency may see a recovery in due time. Likewise, The XRP price has fallen below $0.30, its lowest price of the year and a more than 90 percent depreciation from it's all-time high over $3 set in December. Back then, Bitcoin covered a 50% market share of the cryptocurrency markets, where the total crypto market cap stood at $598 Billion. Now at around $6,400, this is the first-time bitcoin has hit 50% dominance in 2018.
As the market and other altcoins are making a new low, Bitcoin dominance in the cryptocurrency market has spiked up as it alone accounts for 54% of the overall market cap.
This suggests that investors are running away from altcoins and getting behind the mother of all cryptocurrencies. The ETH market and the prices had been weak for quite sometime now and we had also mentioned the same in many of our forecasts about how the the prices are likely to be under pressure despite the strong fundamentals of the network mainly due to the fact that it has come under increased scrutiny and competition from other blockchain networks.
The world's largest cryptocurrency, Bitcoin, followed the downward trend to fall below $6000 early in the session. This is a pattern which has been seen multiple times in the past.
Lee and Novogratz believe that the dominance will continue to rise as the market reacts to the recent good news.
Bitcoin touched below $6,000 and dozens of smaller digital tokens retreated as this month's sell-off in cryptocurrencies showed few signs of letting up.
The cryptocurrency market has been stung by several decisions by the US Securities and Exchange Commission (SEC) on exchange-traded funds. This has always been the case and the success or failure of bitcoin has always dictated the position of all other cryptos.
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