Bitcoin (BTC), the most popular cryptocurrency in the market, is reaching new highs in terms of market dominance in almost two years. According to data provided by CoinMarketCap, Bitcoin is currently reaching the highest dominance since December 2017. Bitcoin is now getting closer to $13,000 once again.
Bitcoin Dominance Continues Growing
Since July 2018 Bitcoin’s market dominance has been growing and remained above 50%. However, during the last few months, Bitcoin started to grow independently from altcoins, which helped its market dominance to experience an important growth moving from 50% at the end of March to over 64% at the time of writing.
Since March, most of the small-cap altcoins have been experiencing a decline in terms of presence in the market compared to Bitcoin. They remained stable while Bitcoin was growing or they were just growing at smaller rates than the largest digital currency in the space. In addition to it, XRP, Bitcoin Cash (BCH) or Litecoin (LTC) have also been operating stably during these last months.
One of the most important runs that Bitcoin had was at the end of June. At that time, the digital currency was able, not only to surpass $10,000 after more than a year but also grow and reach $13,700. During these days, there was an important value transfer from altcoins to Bitcoin.
During the last hours, Bitcoin expanded over 10.35% to $12.650 and a market capitalization of $225 billion. Other digital assets are also expanding but not as much as Bitcoin, which is helping the largest digital asset to gather a larger portion of the market.
Ethereum (ETH) registered a 3.15% growth in the last 24 hours, allowing the virtual currency to surpass $315. The second largest digital asset has a market capitalization of around $33.7 billion.
XRP, Litecoin and Bitcoin Cash are also expanding, 2.21%, 2.94% and 4.18% respectively, during the same period of time as Bitcoin and Ethereum. An important thing to take into account is the upcoming Litecoin halving that is going to be reducing the new issuance of LTC in the market.
In general, before and after a halving event, the price of the digital asset tends to grow. This is due to the fact that with a lower issuance and a larger demand for the digital asset, the price of the cryptocurrency could eventually move upwards. The main question is whether this would be enough to surpass Bitcoin’s growth.