Bitcoin Regains Over 60% Crypto Market Dominance For First Time in 7 Months
As of this writing, bitcoin has a market dominance of 62.7% – representing more than 60% of the entire cryptocurrency markets for the first time since April 2017.
Bitcoin Continues to Reclaim Market Dominance
Bitcoin’s current total market capitalization is more than $126.5 billion USD – currently comprising approximately 62.7% of the $202 billion USD cryptocurrency markets.
At the beginning of 2017 bitcoin had a market dominance of approximately 87% percent, as bitcoin confidently ramped up to test the $1000 USD area for the first time since December 2013. Starting in March, many altcoin markets started to rally, with many leading altcoins making gains of over 1000% in a matter of just weeks. The ensuing altcoin bubble quickly gave birth to an initial coin offering bubble as well – both of which eroded bitcoin’s market dominance, which reached a historic low of just under 40% in June. Bitcoin quickly bounced back to hover around the 50% dominance area from mid-July until October. During October bitcoin’s market dominance steadily rose from 50% to 60%.
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