Bitcoin's market dominance grew by 10.4% in Q2 2019 - Research
- Bitcoin's market share increased significantly as the coin benefitted from Libra hype.
- EOS and Ripple's XRP turned out to be the main losers.
Bitcoin dominance grew by 10.4% in the second quarter of 2019, the recent research of CoinGecko showed. The market share of the first cryptocurrency increased from 54.6% to 66.6 in the specified timeframe, which is no surprise as its value grew from $4,103 to $10,888.
Meanwhile, EOS and XRP appeared to be the biggest losers. Both coins shed nearly half of their market dominance. Ripple's market share decreased from 9.8% to 5.7%, while EOS market dominance reduced to 2.0% from 3.3% during the second quarter.
The price charts confirm the results of the research as Bitcoin turned out to be the primary beneficiary of Facebook's Libra announcement. However, the increased regulatory scrutiny of the project dampened the enthusiasm and pushed the coin off the recent high.
At the time of writing, BTC/USD is changing hands at $10,470, with over 8% of gains registered in recent 24 hours. The cryptocurrency jumped by 13% in a single hour on Thursday amid further developments surrounding Libra.
Top-20 altcoins are also recovering with day-on-day gains ranging from 2% to 12%.
Author
Tanya Abrosimova
Independent Analyst
