Bitcoin dominance over the cryptocurrency market has crossed the 50% barrier, inning accordance with the information from Coinmarketcap. This is the first time it has actually happened in 2018 (previously, Bitcoin supremacy mored than 50% on December 19th, 2017).
On August 11, CoinMarketCap’s bitcoin prominence price– an indicator that tracks the percent of the overall cryptocurrency market capitalization added by the leading cryptocurrency, revealed that over 50% of the complete market cap is made up of Bitcoin. All the other altcoins make up for the remaining 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 chart of the cryptocurrency dominance, it is plainly seen that Bitcoin’s prominence has actually been raising steadily as well as constantly. Since Could 15th, it has enhanced by near to 14%, which is extensive, considering the ongoing bearish fads.
However, throughout the past 7 days, Bitcoin price has damaged numerous critical support obstacles to lower in rate by over $650. This has triggered significant changes 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 changes in worth, the Bitcoin supremacy price appears to hold constant presently.