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Bitcoin: dominance at 66% and price above $15,000
Bitcoin: dominance at 66% and price above $15,000
Bitcoin

Bitcoin: dominance at 66% and price above $15,000

By Marco Cavicchioli - 6 Nov 2020

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Between yesterday and today, there has been significant growth in both the dominance and the price of bitcoin.

According to data from CoinMarketCap, BTC’s dominance has reached as much as 66% in the last 24 hours, after falling to 56% in September. 

This means that Bitcoin’s market capitalization, which has grown abundantly in recent weeks as the price has risen, is growing more than all other cryptocurrencies combined.

In fact, until October 20th it was under 60%, but from then on it started to grow. 

Already on October 22nd, it exceeded 61% and then exceeded 62% on October 27th. 

From October 27th it started to grow steadily, which brought it up to 66% yesterday. 

This is due not only to the increase in the price of BTC but also to a lower price increase, in percentage terms, of the other cryptocurrencies, which are growing more slowly. 

The price of Bitcoin increases its dominance

In fact, the major increase of the dominance of bitcoin took place between yesterday and the day before yesterday, thanks to the price that rose from $13,500 to $15,000, and then even to $15,700.

Anthony Pompliano commented

“Bitcoin market dominance is at 66% right now.

There is only one king”.

Santiment also points out that 15 minutes after yesterday’s daily market close Bitcoin almost hit $16,000 on Coinbase Pro, with a daily trading volume of $69.9 billion, the third-largest daily volume in 2020. 

This means that bitcoin these days is also dominating trading volumes and that yesterday’s price increase is not a technical anomaly, but the result of real and remarkable demand. 

Moreover, Santiment also adds that the daily variation of the price of BTC from 14.100$ to 15.700$ corresponds to an increase of 11,3%, which is lower than what happened in November 2017 when the price went from 6.100$ to 7.700$, with an increase of 26,2%. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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