For the first time since December 2017, the dominance of bitcoin is higher than 65 percent. This percentage reflects the market share of bitcoin in comparison with all other cryptos. And that is quite an achievement because there are now more than 2,300 types of cryptocurrency.
The bitcoin dominance is calculated based on market capitalization. You calculate this by multiplying the number of crypto coins in circulation by the current price.
Bitcoin stands head and shoulders above it
The market capitalization of bitcoin is currently more than $ 206 billion. In comparison, ether comes second with a market capitalization of 29 billion dollars.
And certainly compared to the entire crypto market, bitcoin stands head and shoulders above the rest. The total market capitalization of all cryptocurrencies together is namely 315 billion dollars.
Bitcoin is, therefore, one of the most profitable crypto coins on an annual basis. Exactly a year ago did you invest in bitcoin? Then you now have more than 90 percent profit.
Do you want to view more statistics about bitcoin? Then take a look at our extensive course page:
Is the alt season coming?
On the internet, crypto followers wonder: is the alt season coming or not? By this they mean the period that altcoins increase considerably in value, and the dominance of bitcoin decreases. Altcoins are all crypto coins except bitcoin.
In the second half of 2017, various altcoins increased enormously in value. For example, XRP increased from 0.20 euros to 2.82 euros. Investors hope that this cycle will repeat itself this year.
But not all traders believe that another alto season is coming. Trader Murfski, for example, thinks that bitcoin dominance can rise even further, towards eighty percent. This is at the expense of altcoins, which will decrease in value:
Is your portfolio ready for BTC dominance pull and extended 5th wave?
If this plays out I expect 80% BTC dominance and alts to bleed like you could NOT imagine.
The corn should always be a part of your portfolio pic.twitter.com/GUyfBAEgW7
– Murfski 墨菲 (@Murfski_) July 8, 2019
Whether this will happen? The cryptomarket remains unpredictable. We will keep an eye on the developments for you!