The crypto market takes yet another slide following months of falling prices across the board. Many cryptocurrencies are down more than 10% in the last 24 hours.
In the midst of a bloody sea of cryptocurrencies, Bitcoin’s dominance continues to grow steadily. In the last 30 days, Bitcoin’s total market capitalization rose from 39.8% to its current 45.5%.
Source: https://coinmarketcap.com/charts/#dominance-percentage
During periods of a falling market, investors usually swap their altcoins for Bitcoin in the assumption of it having to regain momentum before other cryptocurrencies can follow.
This doesn’t mean that Bitcoin has been doing that great either, it is at the time of this writing down 8.97% in the last 24 hours, valued at $7256 according to Coinmarketcap.
Some investors argue that an increase in Bitcoin dominance is very healthy and is needed as Bitcoin dictates the entire cryptocurrency market
Even though Bitcoin is at its all-time high in regards to technological features, the price hasn’t followed yet. Some individuals like Bill Barhydt, CEO of Abra, does, however, predict a huge crypto boom to be right around the corner.
Back in early February when Bitcoin hit its low of around $6000, the cryptocurrency market cap was around 276 billion dollars. Today it fell below that and is valued around 270 billion dollars at the time of this writing.
Source: https://coinmarketcap.com/charts/
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