Bitcoin Dominance Trend Climbs Toward 2020 Highs

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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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Kyle migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. He began trading and writing about cryptocurrencies in 2016, and has been an avid investor in stocks and precious metals since his teens.

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