Bitcoin fundamentals are looking stronger than ever as we enter the closing month of the third quarter. Bitcoin’s (BTC) market dominance recently hit a 29-month high, and it doesn’t look like it will be slowing down just yet.
Bulls and bears have been duking it out over the past few days as Bitcoin once again fell to critical support levels around the $9,400 mark at the end of August. Just yesterday, Bitcoin was able to claw its way back to $10,400 but even more exciting, it was able to climb over 70.1% market dominance — a near two and a half year high.
By examining the chart, we can see that the last time Bitcoin was at the 70% dominance level was during the third week of March back in 2017. Incredibly, during this time, the value of a single Bitcoin was just $1,150 compared to $10,400 at the time of writing. At BTC’s all-time high of $19,900, dominance was just 55% as a huge number of altcoins were also flourishing and eating up excess market shares.
This time around the difference is night and day. All other major altcoins have been on a steady path downwards. Even Bitcoin’s closest competitor Ethereum (ETH) has not been over 10% market dominance since June 24 of this year.
Besides returning to higher market dominance levels, Bitcoin recently hit a new all-time high in terms of hash rate, reaching more than 80 quintillion hashes per second (EH/s).
All signs are pointing to a strong finish to 2019 for BTC. While it is unlikely that Bitcoin will be able to move up another 50% to surpass its previous all-time high in the last quarter, its fundamentals and price are certainly heading in the right direction.
Do you think these returns to fundamental high points foreshadow another parabolic move in Bitcoin’s future? What are your predictions for Bitcoin’s market dominance, hash rate, and price by the end of 2019? Let us know your thoughts in the comments below.
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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
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