Bitcoin dominance over the cryptocurrency market has crossed the 50% obstacle, inning accordance with the data from Coinmarketcap. This is the first time it has actually occurred in 2018 (previously, Bitcoin prominence was over 50% on December 19th, 2017).
On August 11, CoinMarketCap’s bitcoin prominence rate– an indication that tracks the percent of the total cryptocurrency market capitalization added by the leading cryptocurrency, showed that over 50% of the complete market cap is comprised of Bitcoin. All the various other altcoins constitute for the remaining 50%.
From the complete market cap of $215.125 billion, Bitcoin holds $112.076 billion, while all the altcoins incorporated constitute for $106.049 billion.
As seen from the 3 months chart of the cryptocurrency prominence, it is plainly seen that Bitcoin’s prominence has been increasing progressively and also continually. Considering That Could 15th, it has increased by close to 14%, which is commendable, considering the ongoing bearish fads.
Nonetheless, during the past 7 days, Bitcoin price has broken numerous critical support barriers to reduce in price by over $650. This has caused huge variations in the trading quantities, pressing it to as reduced as $3.69 billion and as high as $5.6 billion. Regardless of the variations in worth, the Bitcoin supremacy rate appears to hold constant right now.