Bitcoin Dominance Is About to Hit 70 Percent

Libra Coin News
Fri, 08/09/2019 - 05:52
Alex Dovbnya
Bitcoin now has a market dominance of 69.1 percent, the highest since March 2017
Cover image via 123rf.com

The BTC price once again failed to move the needle, sitting just below $12,000 at press time. While there is a lot of uncertainty in the air, Bitcoin maximalists definitely have something to celebrate — the crypto king’s dominance is on the verge of reaching 70 percent. On Aug. 6, Bitcoin also reached a new ATH of nearly 80 EH/s

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Meanwhile, the dominance of Ethereum, the biggest altcoin on the block, has dipped below 8 percent, its lowest level since March 2017. With the fizzling hype around ICOs, ETH will find it hard to bring back its glorious days. Back in June 2018, it came close to flipping Bitcoin, occupying nearly a third of the cryptocurrency market.

Going back to Bitcoin, according to cryptocurrency trader Josh Rager, it might score its highest weekly close if the bulls persist.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.


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