Bitcoin (BTC) Dominance Hits Highest Level Since Last Crypto Bull Run to $20K in December 2017
Bitcoin is currently trading at $6,084, after cracking $6,000 and touching $6,115 on Wednesday to reach an all-time high for the year. It marks the first time BTC has reached this level since November 2018.
According to price tracker CoinMarketCap, the world’s number one cryptocurrency now commands 57.26% of the market at time of writing, its highest level since December 2017 when Bitcoin captured 66.52% of the market during its rally to an all-time high of $20,000.
Percentage of Total Market Capitalization (Dominance)
As Bitcoin’s rally continues, crypto traders are pushing top altcoins into the red. All are posting declines in the last 24 hours, including Ethereum, which is down .71% to $168, and XRP, which is down .65% to $.2985.
The crypto analysis platform Trading Room told its 69,000 followers the relatively slow pace for altcoins will likely continue until Bitcoin cools down.
Big Picture#Bitcoin surged to a new 2019 High while ALTs continued their bleeding
ALTs are melting down across the board pic.twitter.com/L5y4FJZ6Ad
— Trading Room (@tradingroomapp) May 9, 2019
Bitcoin’s total market cap has risen to $107 billion, up 63.11% from $65.6 billion since January 1st, 2019.
BTC’s boom has helped lift the total crypto market cap of all cryptocurrencies to $186 billion, up 47.35% year-to-date, from $126 billion.