Bitcoin Dominance Trend Climbs Toward 2020 Highs

1 min
17 May 2020, 13:12 GMT+0000
Updated by Kyle Baird
17 May 2020, 13:12 GMT+0000
In Brief
  • Bitcoin market dominance is approaching a 2020 high.
  • The altcoin market could take a hit if the trend continues.
  • BTC dominance hit a 2020 low of 62% in February.
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The Bitcoin dominance rate has shown few signs of slowing as it approaches its fourth weekly green close in a row. The altcoin market could be in for a bit of a rout if BTC continues at this pace.
Bitcoin dominance, the metric that weighs its market cap share against the total, has seen a healthy Q2 thus far. After ringing in 2020 with a 70% dominance in January, Bitcoin fell off to 62% only a month later. BTC hit a 2020 dominance high of 69% on May 8 when the price hit a local high of $10,000, but dropped back a bit during the brief correction that followed. At the time of press, dominance has clawed its way back up to 68.2%.
Bitcoin BTC Dominance
Bitcoin Dominance Chart Courtesy of Trading View
Bitcoin dominance has become much less volatile, especially in the past year and a half. Since July 2019, dominance has basically fluctuated between 63% and 71%. Bitcoin’s recent block reward halving is likely playing a big role in pumping up the dominance and price. If the trend continues, the altcoin market could be in for a big shakeup in the latter half of the year.


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