It’s official – Bitcoin (BTC) has reached a dominance rate of 50% for the first time in 2018, making the cryptocurrency present in half of the entire cryptocurrency market capitalization.
The dominance rate rose to 50% on August 11 and indicated that the leading cryptocurrency is growing its volume. This is the first time Bitcoin reached 50 percent of the total market cap since December 19th, 2017.
Right now, Bitcoin’s market cap is somewhere around $105 billion, which is about $901 million more than the market cap of every other cryptocurrency combined.
As you can see from the chart above, Bitcoin’s dominance rate has been on a steady incline over the past few months. From May 1st to yesterday, it grew by 14% while the dominance of all other cryptocurrencies has been on the decline.
Even though the conditions are quite different when compared to December and Bitcoin’s 50% dominance rate – and the price of the leading cryptocurrency is 65% lower today – this is still some good news and proof that Bitcoin’s market is going in a positive direction.
Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?
“Even if the SV mining collation do catch up with ABC or if they manage to do hostile chain re-orgs, its highly unlikely BCash ABC users & investors will ever switch to follow SV. ABC users just need to be patient & wait it out. @CalvinAyre & the SV miners will eventually give up,” BitMEX wrote on Twitter, doubling down on Jonathan Bier’s pre-fork prediction that miners would ultimately abandon the BSV fork.Currently, people are wondering how does the BCH hard fork affect other projects such as Bitcoin. The good news here is that the fork has no effect on BTC other than making it even less likely that Bitcoin Cash (BCH) will overtake Bitcoin (BTC) and claim its mantle.
Brian Kelly Sees The Bitcoin Price Decline As ‘A Short-Term Event’
“After some real quiet period, lowest volatility, almost in Bitcoin history, all of a sudden today things exploded, so what happened? Bitcoin Cash, which forked off of Bitcoin last year, is doing a hard fork. Now, when you do a hard fork, everybody usually agrees. But in this particular case, everybody is not agreeing. So we’ve got ourselves a crypto civil war, and that has people in the market concerned,” Kelly said.Aside from this, if the hash rate war between CoinGeek and Bitcoin Cash continues, then it will likely have a negative impact on both Bitcoin and Bitcoin Cash. As the most dominant cryptocurrency in the market, any negative sentiment around Bitcoin will pose an effect on the rest of the market.
“People are concerned that both Bitcoin and Bitcoin Cash markets, their networks might slow down, they might not work as well, the software upgrade may not go through or if it does go through, we will end up with some chaos. People started selling, that triggered stops, everybody got concerned. The entire market settled down. In my view, a very short-term event,” concluded Kelly while summing up his view on the current downtrend.Many analysts are now asking if the hash power between CoinGeek and BCH caused the drop. If that is the case, however, we could see the crypto market recovering in the weeks to come.
Fundstrat Global Advisors: Bitcoin Will Take Weeks To Repair The Technical Damage
“This week’s breakdown produced significant technical damage that will likely take weeks, if not months, to repair to create a durable enough price ‘structure’ to support a multi-month rally.”Just 24 hours ago, Bitcoin declined below the $5,600 price mark for the first time since October 2017. It looks like losing the support level of $6,000 is a dangerous motion for many industry players especially those who have a business model that is supported on a client pool. The market slump caused many shares of crypto companies to decline by more than 3 percent. However, Rob Sluymer continued to explain that the year-end trend is not broken yet and that stocks of the sectors that are hit the hardest are expected to grow. Earlier this year as well, Tom Lee said he believes that by the end of 2018 Bitcoin will trade between $22,000 and $25,000 and that he expects the volatility to be much higher. In November 2017, Michael Novogratz, the CEO of Galaxy Digital claimed that Bitcoin has to ‘’take out’’ $6,800 if it were to reach $9,000 by the end of the year. He also predicted that this major cryptocurrency could reach up to $20,000 or more in 2019.
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