Bitcoin Dominance Trend Climbs Toward 2020 Highs

Share Article
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.

  • promo

    Free Cloud Mining Providers to Mine Bitcoin in 2021

The Trust Project is an international consortium of news organizations building standards of transparency.

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.

Sponsored



Sponsored

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.

Sponsored



Sponsored

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.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

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.

Follow Author

Crypto predictions with the Best Telegram Signal with +70% accuracy!

Join now

Free Cloud Mining Providers to Mine Bitcoin in 2021

Go

How To Mine Cryptocurrency: Beginner’s Guide

Let's Go