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.
Illustrations by A. Gnetova and G. Phan
In This Article
The BitcoinBUY NOW 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 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.
As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article.
This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions.
The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments — including but not limited to any that appear in the contents of this article.
BeInCrypto provides an inside perspective on the latest trends in an emerging market while keeping our audience abreast of the hottest news, as it breaks. Our only goal is to provide you — the reader — with important information, and we would never insult your intelligence by publishing unlabeled promotional material.