See More

Bitcoin Dominance Breaks 70% For the First Time Since 2017

2 mins
Updated by Martin Robaldo
Join our Trading Community on Telegram
According to Twitter account @skew_markets, Bitcoin’s dominance index has broken 70%. It hasn’t been this high since 2017.
While it’s well known that Bitcoin is the most dominant cryptocurrency by far, putting it into statistics showcases just how much ahead the first cryptocurrency is when compared to altcoins. Essentially, Bitcoin’s market cap, which is currently sitting at $189 billion, makes up for 70.55% of all the money put into cryptocurrencies in general. As of this writing, the total market cap for all cryptocurrencies is sitting at $266 billion. So, around $77 billion sits in altcoins like Ethereum or Litecoin. Bitcoin Dominance Index While Bitcoin has been having a relatively great year regardless, there are still a few things to note regarding its overall dominance. For one, altcoins, while not tied to Bitcoin’s value per se, are notably affected by it most of the time. That and many altcoins are only accessible through a Bitcoin trading pair, which does contribute to the asset’s dominance and trading volume. From 2013 to early 2017, Bitcoin was sitting at or around 90% market dominance, but this is largely because of the lack of altcoins in development as well as the world’s general lack of exposure to cryptocurrencies. Of course, a rise in dominance doesn’t necessarily mean that Bitcoin is rebounding, either. For example, you may see a group of investors put a ton of money into Bitcoin only for them to convert those funds into an altcoin just a day later. That’s why it’s important to consider Bitcoin dominance in your trading decisions, but not to view it as the only factor. Other statistics, like trading volume and the MACD, are important to consider as well. What do you think about the resurgence of Bitcoin’s dominance? Is it about time the asset hit over 70%? Let us know your thoughts in the comments below.
Images are courtesy of Twitter, Shutterstock, CoinMarketCap.
Top crypto platforms in the US | April 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Max_Moeller.jpg
Max Moeller
Max is a cryptocurrency journalist with an affinity for games and emerging technology. After leaving school to start a writing career, he wrote his first article on blockchain and fell down the rabbit hole. Since starting in 2017, Max has worked with multiple blockchain startups and crypto enthusiast spaces, doing his best to educate the world on the nascent technology. Max has been published in various blockchain and crypto related magazines before settling down at BeInCrypto to focus on...
READ FULL BIO
Sponsored
Sponsored