Bitcoin’s Real Crypto Market Domination Is Unveiled
The king coin is trading in the red at the moment of writing this article, and it’s priced at $11,314.52
Bitcoin surged a lot this week, and it was able to reach above $11,000 for the first time since August last year – more than that, the coin went up by around 20% in just a few days.
Forbes addresses smaller coins as well
Forbes mentions the fact that there are also some smaller coins that have made massive gains in recent months, and they really seemed to be eating into BTC’s dominance. The online publication notes that this is “a measure of BTC’s value compared to the wider crypto market.”
“However, some have suggested bitcoin’s dominance should only be measured against other cryptocurrencies that are “attempting to be money,” putting bitcoin’s “real” dominance at almost 80%, up from just over 60% by other measures,” Forbes notes.
The same publication notes that BTC currently makes up 79% of the crypto market and this is up from the 62% BTC market share calculated by CoinMarketCap.
As probably know by now, the website takes into consideration hundreds of digital assets that are all created and issued in different ways.
We suggest that you check out more details noted by Forbes in their original article.
Bitcoin registers the best July performance for 8 years
Earlier, it’s been reported that Bitcoin was able to register the best July price performance for eight years and confirmed a major bullish breakout in the process, says Coindesk.
“Bitcoin stands out this year against a backdrop of massive stimulus measures from central banks and a failing financial system,” Paolo Ardoino, CTO of cryptocurrency exchange Bitfinex, told CoinDesk.
There have been all kinds of bullish predictions about the price of BTC these days especially after the king coin was able to surpass the important FOMO-triggering level of $10k, and then it also smashed through $11k.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.