Bitcoin Dominance Hits 70% at 30-Month High While Altcoins are Dying
Bitcoin now accounts for just over 70 percent of the total cryptocurrency market capitalization as of September 3rd according to CoinMarketCap.
BTC Dominance. Source: CoinMarketCap
The overall cryptocurrency market is now dominated by Bitcoin, holding the highest share of the whole cryptocurrency market in March 2017 before the bull run of record $20,000.
Surging above 70 percent, Bitcoin’s dominance has reached its highest point in 2019. Josh Rager predicts that Bitcoin’s market share will not drop anytime soon as Bakkt is expected to launch its physically settled Bitcoin futures in September.
The price of Bitcoin has climbed more than 6 percent, which was predicted by trading expert Luke Martin.
What about Altcoins?
As BTC/USD was soaring around $10,360, 24-hour gains were up to 6.2%; the top twenty altcoins mostly failed to achieve more than 4% gains, which means that they lost value in irrespective of the direction of Bitcoin.
Crypto Market Overview. Source: Coin360
Altcoins seem to be struggling to reclaim any market share, with Ethereum currently holding 7.3% of the market and Ripple holding 4.3%.
Warnings have been observed from cryptocurrency analysts and experts, including Peter Brandt and Max Keiser that altcoins are “never coming back.”
Peter Brandt tweeted:
“When will altcoin junkies understand that $BTC is the crypto with real and lasting value. Altcoins are to Bitcoin what lead is to Gold.”
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