Bitcoin's Dominance Reaches Key Milestone While Its Market Cap Hits $300,000,000,000

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Thu, 11/12/2020 - 17:52
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Alex Dovbnya
Bitcoin dominance has breached 65 percent for the first time since early June
Bitcoin's Dominance Reaches Key Milestone While Its Market Cap Hits $300,000,000,000
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According to CoinMarketCap data, Bitcoin dominance has surpassed the 65 percent mark for the first time since June 1. 

Bitcoin
Image by coinmarketcap.com

Meanwhile, its market capitalization has surpassed the $300 bln mark from Dec. 17, 2017.  

Bitcoin’s revival

The decentralized finance (DeFi) took a significant toll on Bitcoin’s market share in late summer.  

Bitcoin dominance slipped below on Aug. 17 when a bunch of DeFi tokens posted double-digit gains.         

This trend continued to persist throughout August and the first part of September, with Ethereum and the nascent DeFi economy seemingly stealing all the spotlight. 

On Sept. 14, when Yearn.finance (YFI) was trading near its all-time high $43,910, Bitcoin’s market share plunged to 56.67 percent, its lowest level since June 2019.      

Many believed that things would only get worse for Bitcoin maximalists from there, expecting a do-over of the 2017 initial coin offering (ICO) boom that would culminate in the much-awaited flippening.

What happened instead was the renaissance of the crypto king bolstered by the PayPal embrace.   

Related Bitcoin Hits $12K as Its Dominance Surpasses 60 Percent First Time Since August
Related
Bitcoin Hits $12K as Its Dominance Surpasses 60 Percent First Time Since August

No alt season in sight 

On Nov. 11, Bitcoin briefly touched $16,000 for the first time before eventually gaining foothold above the aforementioned level today.     
The bellwether cryptocurrency is currently the only coin in the green in the CMC top 10.

Chainlink (LINK) is the biggest laggard as it is barely holding onto its fifth place following a five percent plunge.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.