posted over 1 year ago According to the data provided by CoinMarketCap, Bitcoin’s dominance recently hit the 46.5% mark for the first time since December 2017. Bitcoin's dominance represents Bitcoin’s share in the total market cap for cryptocurrency. The increase of Bitcoin’s dominance has coincided with BTC’s price reaching its two-month high on July 23rd ($7,820) and seems to show that Bitcoin is still the "gateway cryptocurrency" for the majority of investors: only after purchasing BTC they may start diversifying their crypto holdings. It is worth mentioning that Bitcoin’s dominance does not adequately represent the current state of the crypto market since numerous coins literally appear every day. Despite the mass flood of new altcoins, Bitcoin is still holding strong in that metric, and the bullish uptick may indicate BTC will keep increasing its market share. Tags: bitcoin, news
Bitcoin claimed 46.5% of the cryptocurrency market for the first time since December last week, according to CoinMarketCap, emphasising its position as a "gateway cryptocurrency". Although the crypto hit a two-month high, its dominance is being seen as inadequate because numerous coins appear every day. Having remained strong through a plethora of initial coin offerings and and alt-coin introductions, bitcoin's dominance is forecast to remain for the foreseeable future.