Bitcoin dominance reaches 50% for the first time in 2018

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August 13, 2018 by
Bitcoin dominance reaches 50% for the first time in 2018

Bitcoin prominence over the cryptocurrency market has actually crossed the 50% barrier, inning accordance with the data from Coinmarketcap. This is the first time it has actually occurred in 2018 (previously, Bitcoin prominence mored than 50% on December 19th, 2017).

On August 11, CoinMarketCap’s bitcoin supremacy rate– an indicator that tracks the percent of the overall cryptocurrency market capitalization contributed by the leading cryptocurrency, revealed that over 50% of the total market cap is constituted of Bitcoin. All the various other altcoins constitute for the continuing to be 50%.

From the complete market cap of $215.125 billion, Bitcoin holds $112.076 billion, while all the altcoins integrated make up for $106.049 billion.

As seen from the 3 months graph of the cryptocurrency prominence, it is clearly seen that Bitcoin’s dominance has actually been increasing progressively and also constantly. Considering That Could 15th, it has enhanced by close to 14%, which is good, taking into consideration the recurring bearish patterns.

However, during the past 7 days, Bitcoin rate has broken numerous essential support obstacles to minimize in price by over $650. This has caused big variations in the trading volumes, pushing it to as low as $3.69 billion and also as high as $5.6 billion. In spite of the variations in value, the Bitcoin dominance rate appears to hold stable right now.

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