Bitcoin Market Share at Highest This Year

Bitcoin price keeps falling and just dipped below $6,000

Data on the CoinMarketCap shows that except the Bitcoin, nearly all the other top-twenty cryptocurrencies have lost between 10-20%. The market valuation dropped from $218 billion to $193 billion (USD) in the hours to Tuesday, according to CoinMarketCap.

If history is anything to go by, an increase in Bitcoin dominance hasn't been good for the price of the cryptocurrency.

At the time of publishing Bitcoin's market share is above 49%, the highest it has been this calendar year.

Bitcoin's market dominance has spiked during the recent bear market and now represents 56% of the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

Billions of dollars have been wiped from the global cryptocurrency market over the past 24 hours as the entire sector lost about 10 percent of its value.

The surge in Bitcoin dominance during this bear market can be viewed in many ways. The BTC prices have also corrected below the $6000 region as of this writing and the whole crypto market seems to be under a lot of pressure at this point of time.

Monero [XMR] and Bitcoin Cash (BCH) were also added to the platform in April and May respectively - showcasing the continued effort of the platform to provide more offerings to its users.

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Bitcoin's market dominance had sunk to an all-time low in mid-January where it nearly hit the 30% mark.

While the price of Bitcoin continues to show several ups and downs - the markets continue to show faith in the currency.

Lee and Novogratz believe that the dominance will continue to rise as the market reacts to the recent good news.

Early this month, the SEC delayed a decision on a proposed bitcoin ETF submitted by money management firm VanEck and crypto startup SolidX.

This led to Bitcoin dominance falling.

The leading altcoins show a two-digits sell-off: Ethereum (ETH) has lost nearly 17%, XRP fell by 14.5%, and Cardano (ADA) has plummeted more than any other major cryptocurrency by nearly 20%.

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