Ex-google executive says that Bitcoin in fact amounts for much bigger proportion of the overall crypto market and today in the altcoin news below we find out more about it.
After presenting new figures on social media, Avichal Garg who is now an ex-Google executive and currently running the crypto asset management firm Electric Capital says that the standard methods for measuring bitcoin dominance on the market are flawed. The resources which compute the market cap and especially CoinMarketCap draw thousands of cryptocurrencies including those who have no liquidity at all. He argues that this makes for some irrelevant calculations and allows them to dilute Bitcoin’s true presence. He wrote:
“True BTC market share is probably 75%+ and has likely been 60%+ for a long time.’’
Coinmarketcap calculates the dominance incorrectly using the alts that have zero liquidity. Most of the projects are worth about 0 which would put the bitcoin dominance at 75%. Bitcoin’s market cap is currently around $317 billion after the prolonged bull run that took the largest cryptocurrency over $12,000 again. The dominance of Bitcoin according to CoinMarketCap is about 68 percent which is the highest level recorded since April 2017. While some of the altcoins remain factored in, the landscape this year is in huge favor of the Bitcoin investors and even some of the crypto analysts warned that the altcoin markets will no longer challenge bitcoin at all. The calculations made by Garg surfaced about a week ago after another alternative metric for the gauging market cap hit a new all-time high of its own.
As it was reported in the latest cryptocurrency news, the so-called ‘’realized market cap’’ reached a new record of about $93 billion last month and has since than continued to reach new highs. Currently it is standing at $97.8 billion. By multiplying the values it generates a number which more accurately judges Bitcoin’s pace and health. MarketCap is just one aspect of the bitcoin network and has been breaking records this year thanks to the bull market. The bearish sentiment that was sparked by the US regulatory scrutiny failed to last and BTC/USD bounced back by more than $2000 in a matter of days.
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