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 happened in 2018 (previously, Bitcoin supremacy was over 50% on December 19th, 2017).
On August 11, CoinMarketCap’s bitcoin prominence rate– a sign that tracks the percent of the complete cryptocurrency market capitalization contributed by the leading cryptocurrency, revealed that over 50% of the overall market cap is made up of Bitcoin. All the other altcoins comprise for the remaining 50%.
From the complete market cap of $215.125 billion, Bitcoin holds $112.076 billion, while all the altcoins incorporated comprise for $106.049 billion.
As seen from the 3 months chart of the cryptocurrency dominance, it is plainly seen that Bitcoin’s supremacy has been increasing progressively and also constantly. Since Could 15th, it has increased by near 14%, which is good, considering the recurring bearish patterns.
Nevertheless, throughout the past 7 days, Bitcoin cost has actually broken several essential assistance barriers to minimize in cost by over $650. This has caused huge changes in the trading quantities, pressing it down to as reduced as $3.69 billion and as high as $5.6 billion. Regardless of the changes in value, the Bitcoin prominence price seems to hold consistent at the moment.