Bitcoin dominance back to 52% as BTC shakes out alts

11 Apr, 2019 | Updated: 11 Apr, 2019
by Joeri Cant
Bitcoin
Bitcoin dominance back to 52% as BTC shakes out alts

Over the last 24 hrs selling has largely wiped away most coins’ weekly gains, with BTC, ETH and EOS as the only coins in the top 10 which show week-over-week gains, while Bitcoin’s market dominance has increased with 1% this week to 52%.

The total cryptocurrency market cap has decreased by around $16 billion from yesterday’s high at around $186 billion as it fell to $169 billion at its lowest point today but has since worked its way back up above the $170B mark as it found some support.

Despite the recent altcoin upward performance, Bitcoin now sits at its 1-month high in terms of market cap dominance, having its dominance increased with 1% this week to 52% at the time of writing.

Bitcoin dominance represents the total amount of people in the cryptocurrency market which are currently buying and holding Bitcoin.

The dominance of Bitcoin goes up when more people buy or simply hold Bitcoin, and it goes down when an increasing amount of people sell their Bitcoins, for either fiat, or altcoins.

Read more: Bears pushing hard: will Bitcoin hold the latest gains?

After attempting a run over the $5,500 range, Bitcoin, the world's number one cryptocurrency is currently trading at around $5,060, showing a loss of -5.05% on the day, with a total market cap of $89.2 billion.

The April gains which had raised hopes for another bull run mixed with an alt season seem to be questioned now, as the last 24 hrs selling has largely wiped away most coins’ weekly gains, with BTC, ETH and EOS as the only coins in the top 10 which show week-over-week gains.

In comparison with most other coins, Bitcoin has been holding on to its market dominance, as it is now again above 52% after almost going below the 50% psychological mark.

Perhaps we have to wait just a tiny bit longer for the next bull run.

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