RATE Group | What Bitcoin’s dominance says about the state of the crypto market
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What Bitcoin’s dominance says about the state of the crypto market

23 Sep What Bitcoin’s dominance says about the state of the crypto market

Posted at 22:58h in Bitcoin News by

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If the prolonged bear market that we’re in has shown us one thing, it’s that Bitcoin is still the king of crypto. The market’s continuous, slow bleed throughout the year has on several occasions brought the total market cap below $200 billion in September, and lately it’s been hovering around the same levels as November last year. And we’re not out of the woods yet. However, Bitcoin dominance — the demand for Bitcoin compared to other cryptocurrencies — is growing at a disproportionate rate to the total market cap.

In fact, Bitcoin dominance has passed 51 percent at the time of writing (down from 55 percent a couple of days ago).

Above: Source: CoinMarketCap

Dominance was at its lowest during the bull run in January when most other cryptocurrencies, also known as altcoins, or just alts, were booming. However, up until the bull run started, dominance was growing, and we see the same thing happening. If we’re following trends, this could be an indication that…

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