Cryptocurrency market update: Bitcoin dominance soars; altcoin’s future in jeopardy
|- Bitcoin market dominance swells to 70.1% refreshing levels in March 2017.
- Altcoins keep losing ground against Bitcoin in terms of market capitalization.
The battle between the bulls and the bears has intensified over the past few days. Negative volatility thrust Bitcoin back under $9,400. This saw Bitcoin close the second month in a row in losses.
However, the largest cryptocurrency market did not stay down for long as recovery blasted Bitcoin a trajectory that has had it settle above $10,300. The jaw-dropping correction led to a ripple effect on Bitcoin’s dominance in the market. Bitcoin now makes up 70.1% of the total cryptocurrency market by capitalization. The last time Bitcoin dominance hit this level was in the first quarter of 2017. At the time, March 2017, BTC was trading at $1,150 in comparison to $10,350.
On the other hand, altcoins keep losing ground against Bitcoin in terms of market capitalization. Ethereum, the largest cryptocurrency by market capitalization has not managed to hit over 10% market capitalization since June 24, 2019.
Various industry leaders (of course Bitcoin evangelists) say that altcoins likely not recover from the downtrend. Max Keiser tweeted saying altcoins “never coming back…sorry.” Peter Brandt shared a similar opinion saying:
“When will altcoin junkies understand that $BTC is the crypto with real and lasting value.” He added categorically “altcoins are to Bitcoin what lead is to Gold.”
Read more: Bitcoin price prediction: BTC/USD push-starts next rally above $11,200 – Confluence Detector
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