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.
(Source: CoinMarketCap.com)
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.
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