Bitcoin Dominance Hits 50% For First Time in 2018
Bitcoin (BTC) now is already over 50 % of the entire cryptocurrency market capitalization.
Shortly past 03:00 UTC on August 11, CoinMarketCap’s bitcoin dominance rate – an indicator that tracks the % of the total cryptocurrency market capitalization contributed by the leading cryptocurrency – reached 50 % for the first time since December 19th, 2017, over 8 months ago.
At press time, bitcoin’s market capitalization now records $105,614,552,545, which is about $905 million more than the market capitalization of every other cryptocurrency combined.
The above chart shows bitcoin’s dominance rate has been on a steady incline over the past few months, currently representing a 14 % increase from May 1st. In the same time period the market dominance of all other cryptocurrencies have largely been on the decline.
Conditions were much different the last time bitcoin’s market dominance was above 50 %.
On Dec. 19th, the average price of BTC was $17,610.81 across exchanges – an 65 % higher price than the cryptocurrency’s value today.