Bitcoin Market Dominance is now over 50% despite uncertainty
Despite the potential hardfork and the uncertainty of the cryptocurrency king, Bitcoin has actually increase it's market dominance which currently stands at 51.1%. Not to long ago, Bitcoin dominance drop to a low of 35.4% as the scaling debate and network capacity intensified. Some of the experts and Bitcoin enthusiasts were concern that these issues were negatively affecting Bitcoin dominance of the market while aiding the increase market share of other cryptocurrencies. Some were even convince that other cryptocurrency like Ethereum would soon eclipsed Bitcoin and become the leader. It is quite interesting, as we approach August 1st 2017 doomsday the complete opposite has actually happen.
Here is a broken of Bitcoin current performance
Market Cap: $45,913,691,285/ 16,475,062 BTC
Volume (24h): $1,445,800,000/ 522,792 BTC
Circulating Supply: 16,475,062 BTC
Max Supply: 21,000,000 BTC
Current Price: $2786.86 (+7.70%)/ 1.00 BTC (0.00%)
Currently the Total Market Capitalization of all cryptocurrency is $89,596,997,992 (at the time of writing this blog), with a 24hr trading volume of 24h Vol: $2,901,149,731. Bitcoin Dominance currently stands at 51.1%. Coins appearing in the TOP30 are slightly down at the time of writing this blog with technical analysis pointing further decline. Some exception of this trend are Bitconnect, Tether, Veritaseum, Waves and Bytecoin. Bitconnect, Tether and Bytecoin has been stand out performers for the last two weeks with slight decreases in overall marketcap but prices have kept steady within a tight trading range. Tether has weather the storm well with Bitconnect and Bytecoin having spontaneous crash and recovery. Bitconnect has been grinding upwards for the last 4 weeks.
Here are the coins current standing
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After August 1st doomsday or glory is over and the uncertainty clears up it would be interesting to see how the overall market reacts to the news or it could be possible that it has already reacted. We can't exactly pick winners or losers as the market volatility could throw us in any direction. But one interesting observation, Altcoins has been hit hard. If you closely analyze and compare their performance from 1 month ago, you would realize that many of them haven't really recovered and are still pointing at further decline.
Some interesting analysis of the situation, Bitcoin has shown that it is the leader, Tether has market itself as the hedge against cryptocurrency uncertainty and the most controversial coin Bitconnet, grinds upwards irrespective of market conditions and speculations.
Total cryptocurrency market has seen some interesting weeks with some speculating that it is as a result of profit taking by traders or others pointing out that the general decline is as a result of the Bitcoin feud. Whatever the reason or reasons, it has fallen from its high of over 115 billion to 89 billion. We continue to see a strong media coverage and I believe that there are many entertaining hours and days ahead as Bitcoin becomes mainstream.
I appreciate the content! I'm a bit surprised myself that Bitcoin is one of the only cryptocurrency in the green heading into such an uncertain event. It is also interesting that the other cryptocurrencies have been dragged down by Bitcoin uncertainty, but have not gotten the boost that Bitcoin has over the last couple days. It'll be interesting to see what happens after we get a little more clarity on and after August 1st .
Definitely, the market is also forward thinking, so this may be the market already reacting... the big surprise has been the performance of other altcoins, they seem to struggling to stay above water... we would have to see how the overall market reacts after August 1st