Bitcoin Market Domination Sets Record of Last 2 Years!

Bitcoin Market Domination Sets Record of Last 2 Years!

Bitcoin breaks the record!

Bitcoin has gone above $12,000 and continues its parabolic progress. This performance also affected Bitcoin’s market dominance. According to Coinmarketcap’s data on June 26, the leading crypto currency reached 60% market dominance for the first time since April 2017.

Bitcoin’s Great Performance

Bitcoin’s price has been on the rise since the beginning of 2019, and as of April 1, the price hit the gas, so to speak, breaking the $10,000 threshold on June 22nd. Crypto currency, which managed to stay above the important psychological level, continued its rise. Today, the $12,000 level was left behind in the morning.

However, while Bitcoin has shown huge increases, the altcoins do not have the same performance. As a result, Bitcoin’s dominance in the entire market reached 62%, breaking the record for the last two years.

In addition, according to Cointelegraph’s report, the market value of all crypto currencies is currently around $ 365 billion, while the market value of Bitcoin is around $ 226 billion.

Other Cryptos in the Market

According to Coinmarketcap data, Bitcoin is trading at $ 12,620 in the last twenty-four hours, up 11.47%, at the time of writing. The best performing crypto coin after Bitcoin: Ethereum. Crypto currency, which ranks second in terms of market volume, is traded at $ 331 with an increase of 5.77%.

On the other hand, Ethereum market value has exceeded $ 35 billion for the first time since August.

When we look at the top ten crypto currencies in terms of market volume, we see that none of them perform as well as Ethereum and Bitcoin.

Besides, Bitcoin commentators seem to be very pleased with the recent market dominance. In fact, the user known as Armin van Bitcoin on Twitter does not trust CoinMarketCap data and the actual rate is close to 95%.

Did Libra Not Affect Bitcoin Price?

Almost the entire ecosystem attributes the increase in Bitcoin to Libra. So, is this true?

Facebook crypto money project Libra’s protocol was introduced to the public on June 18. Meanwhile, the leading crypto currency Bitcoin was trading at the level of $ 9,000.

Did Libra Affect Bitcoin?

According to many market commentators and analysts, the increase in Bitcoin stems from Facebook’s crypto currency project. However, when we look at the data, Bitcoin catches the rising trend well before Facebook’s announcement.

Furthermore, after the Libra whitepaper was announced on the 18th of the month, the Bitcoin price moved steadily for a while. In fact, it was seen that it experienced decreases from time to time before reaching the current level of $11,000.

The Bitcoin bull market began on April 1st. As of April 1, there were also moments when the price of Bitcoin rose rapidly and fell. However, the news that Facebook’s crypto money project Libra increased Bitcoin price continues to influence the mainstream media.

Craig Erlam, senior market analyst at financial trading company Oanda, wrote the following in an article on The Guardian on June 24:

Bitcoin has been increasing slowly for months but within its standards. Facebook’s Libra project may have been a catalyst for Bitcoin only in recent upgrades.”

John Brock

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