Bitcoin (BTC) Crypto Dominance Climbs To 45%
Bitcoin – the first and world’s largest cryptocurrency has widened the margin by which it dominated the cryptocurrency market.
With a very progressive week for Bitcoin, the digital asset has maintained its run in the greens for 6 consecutive days, with its price stabilizing above $7,400 and looking to crack $7,500 this morning.
Bitcoin has experienced a growth of over 16% in the last seven days from its 2018 lows.
This continuous upward run has ensured that the dominance of Bitcoin in the crypto market rise to 45.1 percent level, registering the increase of 13 percent from its all-time lowest about 32% in January.
Bitcoin Reassumes Dominance Above 40 Percent
Before February of 2017 Bitcoin made up nearly 90% of the crypto market.
However, as promising cryptocurrencies began to emerge especially with fast-growing prices, investors began to move capital into other altcoins.
The dominance of Bitcoin began to fade.
As most cryptocurrencies peaked in December, the Bitcoin dominance fell from a high of 62% to 38% at the end of the month.
As the crypto market nosedived this year, the Bitcoin dominance wavered around 40%. It reached its 2018 high of 45.4% in early April.
A great week in the market has seen Bitcoin reassume its dominance in the crypto market.
As at the time of this writing, Bitcoin has a market capitalization of $127.65 billion while the entire cryptocurrency market is valued at $282.12 billion.
With these values, Bitcoin constitutes 45% of the entire crypto market today.
Reason for The Dominance
The sudden rise of Bitcoin’s market dominance is twofold.
On one part, the top altcoins have suffered from major setbacks throughout the week, while BTC surged from a series of positive news.
Within the week, all of the top ten cryptocurrencies were faced with declines – with Bitcoin being the exemption. Ripple, Stellar, and IOTA were the biggest losers among the top ten cryptocurrencies in the market.
On the other hand, Bitcoin gained some high-profile endorsements from institutional investors and companies over the last one week.
These announcements helped set Bitcoin and keep on its present course. On Monday, July 16 asset-management giants Blackrock announced that it has set up a working group to look into bitcoin and the blockchain.
After that was the appointment of a crypto friendly CEO by Wall Street’s giant Goldman Sachs.
Although Goldman Sachs already allows clients to trade on Bitcoin, the appointment of David M. Solomon who has always been positive about Bitcoin and cryptocurrencies opens the door for greater possibilities.
Bullish Prediction for Bitcoin
Within the last one week, Bitcoin received some major bullish predictions which probably helped Bitcoin keep up the momentum.
The first was from Charlie Lee, the Co-Founder of Litecoin (LTC) and cryptocurrency enthusiast. Lee advised that investors hold at least one Bitcoin (BTC) before investing in any other digital asset – including his creation, Litecoin.
Two days ago, Marc Lasry, an American hedge fund manager, co-founder, chairman and CEO of Avenue Capital Group predicted that Bitcoin would eventually be valued at up to $40,000.
Both individuals had one remarkable opinion: in the end, Bitcoin (BTC) would be the most valuable digital asset.
Bitcoin continues its impressive run with a 1.05% value rise. As at the time of this writing, BTC has a trading value of $7,4821.63.