Bitcoin Dominates in Conditions of “Altpocalypse”

Published on 14 Aug. 2018
Bear 838688 1280

The main world cryptocurrency expands its leadership in the market capitalization despite the “parachute jumps” and drop in price under $6000. Its part of the market exceeds 50% and is 54.2% at the moment. It is the biggest number since December 2017.

For sure, Bitcoin has seen better times than this and previous weeks. During this period, the cryptocurrency has lost more than 20% of its price.

However, at the time of this article publishing, the domination index of Bitcoin - or its part on the cryptocurrency market - is more than 50%.

According to CoinMarketCap, the estimated market capitalization of Bitcoin is near 104 billion dollars.

Tom Lee, co-founder and chief analyst of Global Funds Advisors has mentioned recently that the expansion of Bitcoin domination is the sign of inevitable recovery of cryptocurrency.

The sharp drop in price has been probably caused by the SEC announcement about the delay of ETF decision. The application on creating Bitcoin ETF was offered by CBOE, in companionship with VanEck and SolidX. It’s a bit strange, considers Dan Morehead, CEO of Pantera Capital since such a scenario has been predicted and expected.

Besides this, during the last few weeks, several positive announcements were made that however couldn’t provoke upward direction of the prices.

ICE announced the new project - a platform for digital assets Bakkt - in cooperation with Microsoft, Starbucks, BCG, and others. According to Brian Kelly, the well-known trader and the owner of investment company BKCM, that was “the most powerful news of the year for Bitcoin.”

Goldman Sachs plans to launch a service for Bitcoin storage for the institutional investors, meeting a significant demand from their side.

At the same time when the hash rate is on maximum, SegWit adoption is growing as well. Its part in all BTC transactions exceeds 40% at the moment - the highest level since the time of its initiation.

In the conditions of the aggressive bearish market, the first cryptocurrency drags the altcoin costs on itself while the latter are suffering from the real altpocalypse.

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