According to CoinMarketCap data, Bitcoin’s dominance has finally surged above 70 percent, its highest point in 2019. Considering that Bakkt is expected to roll out its physically-settled Bitcoin futures in September, crypto trader Josh Rager predicts that BTC’s market share will not drop anytime soon.
$BTC dominance monthly chart looks like the end to the bottom of a market— Josh Rager 📈 (@Josh_Rager) September 3, 2019
Looks as if BTC.D capitulated, "v" bottomed followed by a strong recovery
At 72% now, highest since July 2017
With Bakkt coming, we may not see a strong pullback in BTC market dominance anytime soon pic.twitter.com/lhaA6OWom3
For instance, XRP has only increased by a modest two percent on the heels of accusations that Ripple Labs might be suppressing its price growth.
In the meantime, trading veteran Peter Brandt has reminded his followers that he’s a staunch Bitcoin maximalist. He believes that the cryptocurrency that started it all is the only coin with real and lasting value.
As reported by U.Today, Brandt assumed that Bitcoin could have already entered its fourth parabolic phase.