Bitcoin has been going through a tough 2018. Over the course of the year, the price of the currency has taken several jolts and has barely had any time to recover. The currency has fallen by over 50% and continues to face setback after setback as lines of support keep breaking. However, in what appears as a ray of hope in these tough times, Bitcoin’s market dominance has managed to cross the 50% mark, the first time since December 2017.
Bitcoin Market Dominance is basically the comparison between the investments made towards Bitcoin as opposed to the investments made across the entire cryptocurrency markets. As of this writing, Bitcoin’s market dominance stands at a little over 50% while the total market capitalization is that of $216 Billion. This effectively means that out of the total investments made in the crypto markets, over 50% comes via Bitcoin investments, i.e. Bitcoin’s market cap is beyond $108 Billion.
A surge in Bitcoin’s market dominance can usually signify two things – either the currency is doing tremendously well, or the markets are going through a bad time. The first reason is self explanatory as everyone wants to capitalize on the success of Bitcoin, which is usually known to sustain the growth momentum and grow in rapid leaps and bounds.
However, the other condition when Bitcoin dominance rises in the cryptocurrency markets is when the markets are going through a bad phase. In these times, people would rather invest their money in Bitcoin as opposed to investing in altcoins which may not be able to grow as fast in most cases. Bitcoin is considered to be a safe-bet investment at a time when cryptocurrency markets are going through a rough phase.
Second to Bitcoin in terms of market dominance is Ethereum, which stands at a little over 15%, which is followed by Ripple at 5.58% and Bitcoin Cash at 4.60%.