Bitcoin’s Dominance Spikes To Over 65% As Markets Take A Hit
The crypto community is currently abuzz with speculations as market suffers a sharp bearish downpour. Bitcoin had achieved a high of $13,100 at the early hours of yesterday before scaling down to around $11,458 as at the time of this writing. However, one conspicuous development to be noted has a lot to do with Bitcoin rising market dominance.
Dominance At 65%
At the moment, Bitcoin sits firmly at around 65.2% in total market dominance, having had a good boost in trading volumes of over $30 billion.
The total market cap for the top coin is now at $205 billion following the market-wide correction.
What’s even more intriguing is the fact that such high market dominance hasn’t occurred since the peak of 2017. Also, the fact that it’s happening now, coupled with the positive expectations of numerous crypto players, could be an indication that Bitcoin is clearly headed to the heights.
That said, the largely dominating market share seems to have a somewhat bad effect on the altcoin market. As at this moment, the majority of the altcoins are in the red taking hits ranging from 15-20%.
Since the crypto winter ended, Bitcoin has struggled its way up, with a few stops and retracements on the way. Still, it has pressed on. Within the last 48 hours, Bitcoin managed to cross both the $12k and $13k mark and setting eyes on the next target at $14k.
For the last few weeks, Bitcoin has proven itself as strong crypto in terms of resilience. The price has remained perched on the upward trend despite some negative news like the Bitfinex saga and hack of the Binance exchange.
A few years back, such news would have had a negative impact on Bitcoin and possibly throw the whole market into turmoil. The fact that Bitcoin is now strong enough to withstand such shocks is admirable. Many investors and analysts have taken this as a sign that the market is reaching maturity.