Published: Thu, August 16, 2018
Business | By Tara Barton

Bitcoin Market Share at Highest This Year

Bitcoin Market Share at Highest This Year

Bitcoin dominance over the cryptocurrency market has crossed the 50% barrier, according to the data from Coinmarketcap.

For the day ahead, a move through to $6,380 would support a run at $6,400 levels to bring the first major resistance level at $6,485.4 into play, with the Bitcoin bulls eyeing Sunday's $6,499 high, though the news wires will need to remain friendly to support such a move. "I think bitcoin dominance is actually showing the market is reacting to what's been taking place".

The surge in Bitcoin dominance during this bear market can be viewed in many ways. 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. 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.

The year of 2018 has so far brought not a great deal of good fortune for cryptocurrency investors, as the market has pulled back nearly 70% from all-time highs reached at the end of 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.

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Ether has tumbled about 40% this month, while Bitcoin has dropped about 26%.

This suggests that investors are running away from altcoins and getting behind the mother of all cryptocurrencies.

Although in the past bitcoin's fall has led investors to buy altcoins -preferably stable coins- this time things have gone differently as investors seem to be more encouraged by the fall to get behind bitcoin. This is a pattern which has been seen multiple times in the past. However, today is a significant day as Bitcoin's market dominance finally surged past 50% in nearly nine months. When the SEC's ETF delayed decision was announced, many expected that only bitcoin would be affected, but, bitcoin dragged down nearly all other altcoins with it.

The world's largest cryptocurrency, Bitcoin, followed the downward trend to fall below $6000 early in the session. This might be a sign that the market is still quite not mature enough.

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