Bitcoin supremacy over the cryptocurrency market has actually gone across the 50% barrier, inning accordance with the information from Coinmarketcap. This is the first time it has actually taken place in 2018 (formerly, Bitcoin dominance was over 50% on December 19th, 2017).
On August 11, CoinMarketCap’s bitcoin prominence rate– an indication that tracks the percent of the overall cryptocurrency market capitalization contributed by the leading cryptocurrency, revealed that over 50% of the overall market cap is made up of Bitcoin. All the other altcoins make up for the remaining 50%.
Out of the total market cap of $215.125 billion, Bitcoin holds $112.076 billion, while all the altcoins integrated constitute for $106.049 billion.
As seen from the 3 months graph of the cryptocurrency prominence, it is plainly seen that Bitcoin’s prominence has been enhancing progressively as well as constantly. Since Could 15th, it has raised by near to 14%, which is good, considering the ongoing bearish fads.
However, throughout the past 7 days, Bitcoin price has broken numerous critical assistance obstacles to reduce in rate by over $650. This has triggered big fluctuations in the trading volumes, pressing it down to as reduced as $3.69 billion and as high as $5.6 billion. In spite of the variations in worth, the Bitcoin supremacy rate appears to hold consistent presently.