• 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.

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 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.

Kyle Baird

Migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. Began trading and writing about cryptocurrencies in 2016, and have been an avid investor in stocks and precious metals since my teens.

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