As per the data from Coinmarketcap it has been seen that supremacy of Bitcoin(BTC) over the cryptocurrency market has crossed the barrier by 50 percent. This is not the first time it happened, back in 19th December 2017. But this is the first time in 2018.
On August 11, Coin MarketCap’s bitcoin dominance rate-an indicator that tracks the percent of the total cryptocurrency market capitalization is provided by the leading cryptocurrency, indicated that 50 percent of the total market cap is taken over by BTC. The rest 50 percent constitute the altcoins.
The total market cap is $215.125 billion, where BTC holds half the market value i.e. $112.076 billion; the rest is altcoin which holds market value of $106.049 billion.
From the past three months graph of cryptocurrency it is clearly seen that BTC is increasing with consistency. In consideration to the ongoing bearish trend, the Bitcoin has increased by 14 percent approx from May 15th.
Bitcon price has received various critical supports in reducing the price by $650 during the past seven days. A fluctuation in the price of Bitcoin has been experienced. The trading volume has experienced price as low as $3.69 billion and $5.6 billion which is the highest. Though there is fluctuation in rate yet Bitcoin’s dominance rate still ranks first.
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