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Bitcoin Dominance Rate Hits 50% For First Time in 2018
Bitcoin (BTC) now makes up 50 percent of the entire cryptocurrency market capitalization.
Bitcoin (BTC) now makes up 50 percent of the entire cryptocurrency market capitalization.
Shortly past 03:00 UTC on August 11, CoinMarketCap's bitcoin dominance rate – an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency – reached 50 percent for the first time since December 19th, 2017.
STORY CONTINUES BELOW
At press time, bitcoin's market capitalization now records $105,785,552,545, which is about $901 million more than the market capitalization of every other cryptocurrency combined.
The above chart shows bitcoin's dominance rate has been on a steady incline over the past few months, currently representing a 14 percent increase from May 1st. In the same time period the market dominance of all other cryptocurrencies have largely been on the decline.
Conditions were much different the last time bitcoin's market dominance was above 50 percent.
On Dec. 19th, the average price of BTC was $17,605.81 across exchanges - an 65 percent higher price than the cryptocurrency's value today, according to the CoinDesk Bitcoin Price Index.
Image via Shutterstock
Sam Ouimet
Junior markets editor for CoinDesk, the global leader in blockchain news. Disclosure: I currently own BTC, LTC, ETH, ZEC, AION, MANA, REQ, AST, ZIL, OMG, 1st, and AMP.
