BTC Dominance Achieves Yearly High Despite Market Situation
Even though Bitcoin has had another day of performing within the red zone, the first and leading cryptocurrency has managed to expand its dominance, even more, totaling to over 50% of the total market cap, its largest since the end of last year.
Ups and Downs
Without a doubt, Bitcoin has performed much better than it has the previous week. BTC managed to drop almost 20% of its total value in just one week. Currently, its dominance in the market has exceeded 50%, its largest yet since December of last year. As per CMC, Bitcoin’s total market cap is now $105B.
Leading analyst and co-founder of Fundstrat, Tom Lee, has also pointed to the fact that BTC dominance is a clear indicator of a full-blown recovery. The sudden and strong drop in the value of Bitcoin was allegedly a result of the announced by the US SEC to delay the VanEck and SolidX Bitcoin exchange-traded fund despite many expectations of another delay.
Despite this, the previous weeks have seen a continuous string of positive news and announcements although none of them have failed to motivate a climb in price by Bitcoin. ICE also stated that a new project was underway, a brand new digital asset exchange named Bakkt through a partnership with many well-known companies like Microsoft, Starbucks and more.
Brian Kelly, the notorious digital currency trader, and BKCM owner, a distinguished investment company, has stated that this piece of news was the most important in 2018. Goldman Sachs, the iconic Wall Street company, have also been reported to be displaying interest in cryptocurrencies and will be handling BTC for its customers and clients as a response to the increased interest and demand of clients.
Additionally, SegWit acceptances continues expanding as hashing records have hit a new record and BTC shares of every transaction are currently reigning over 40%, a record high.