Bitcoin dominance surpasses December 2017 record
Bitcoin dominance surpasses December 2017 record

Bitcoin dominance surpasses December 2017 record

By Emanuele Pagliari - 12 Jul 2019

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In recent days bitcoin has been moving laterally, touching several times the threshold of 11 and 13 thousand dollars. During the various bullish and bearish phases, bitcoin literally squeezed the altcoins, reaching a dominance of 65.4%.

Looking at CoinMarketCap data, bitcoin dominance has risen steadily in recent days, finally breaking the old record of 2017, which was 64.43%.

bitcoin dominance december 2017 record

Actually, it should be specified that before 2017 the dominance of bitcoin was close to 80%, but in that period the altcoins were much more limited, both in number and in terms of capitalization.

However, the peak of BTC’s dominance recorded in December 2017 is considered by many to be the peak reached during the previous bull-run. It is thus a threshold to be taken into consideration as reference.

According to several analysts, the dominance of bitcoin will continue to rise in the coming months, returning to around 80% during 2020. This position is also reported by a study carried out and published by Binance.

Bitcoin dominance exceeds 65.2%

The continuous growth in dominance is leading to a real bloodbath for the altcoins. In recent days, in fact, during the growing phases, bitcoin absorbed capital from the altcoins, which lost several percentage points.

During BTC’s stagnation period, some alts showed a slight recovery, while others remained literally stationary. During the rapid BTC dumps of the last few days, very few altcoins have remained unscathed.

Many, in fact, have recorded further losses, while a handful of others have remained stationary. Very few, in contrast, were able to record increases during BTC’s fast-paced bearish downturns.

It follows, therefore, that after almost ten days with a rather similar and repetitive trend, most of the altcoins have practically emerged with broken bones.

An extension of this situation could further squeeze the altcoins and raise the dominance of bitcoin, which is waiting for a more decisive recovery beyond the current resistance of 13 thousand dollars.

Emanuele Pagliari

Telecommunications engineer with a strong passion for technology. His adventure in the world of blogging started on in 2014 and then continued on and Emanuele is in the world of cryptocurrency as a miner since 2013 and today he follows the technical aspects related to blockchain, cryptography and dApp, also for applications in the Internet of Things.

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