While Bitcoin may be far off its December 2017 high of nearly $20,000, it is showing that it is the dominant cryptocurrency with its market share equalling the 47.6 percent seen back then.
This makes Bitcoin’s market dominance the highest it has been all year, despite a price drop that has seen it fall below $7,000. However, following reaching this level in 2017, Bitcoin’s dominance fell to around 33 percent as altcoins became popular.
In fact, Bitcoin’s lowest ever dominance came in January of this year as the attention shifted to other coins. But this latest surge in dominance shows that Bitcoin is still at the top of many’s lists despite low prices.
Slow and steady
It is interesting to note the difference in how Bitcoin reached this market domination in December compared to now. There was a massive rally that set the original cryptocurrency skyrocketing as invested piled into the digital coin.
However, this time around, there is not the same price rally, but what is clear is that even in this time of slowed growth and adoption, Bitcoin remains key and king.
There has also been a slew of positive news in terms of regulation of the cryptocurrency market, but most of that is aimed at the bigger coins, and the lesser coins and ICOs are under more scrutiny.
Bitcoin the head that the others follow
What this increase in dominance will no doubt lead to is more control and influence coming from Bitcoin’s movement. Earlier, when Bitcoin was spiking above $8,000, it broke away from dragging the other altcoins like it has been known to do.
But now, with more dominance over other cons, it is likely that the rest of the market will mirror Bitcoin’s progression closely.