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Bitcoin, market cap rises but dominance collapses
Bitcoin, market cap rises but dominance collapses
Bitcoin

Bitcoin, market cap rises but dominance collapses

By Federico Izzi - 24 Nov 2020

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These last few days have seen record-breaking rises in the market cap, but also the collapse of Bitcoin’s dominance.

Bitcoin: market cap up, dominance down

Total market capitalization has risen to over $560 billion, a level not seen since the end of January 2018, about three years ago. Although up until the last few days the credit was given to Bitcoin and its capitalization, which for the first time recorded absolute records of over $345 billion, in the last few days the rise of the total market cap is also sustained by altcoins, which from 160 billion last week, are flying over $230 billion, levels that had not been recorded since mid-May 2018.

These are record levels in a context in which Bitcoin is giving up a large part of the market share reached in recent weeks. After rising above 67%, it falls to 60%. This is a decrease that sees levels return to those at the end of October, when in an upswing context Bitcoin occupied just under 60% after peaks of 53% in mid-September. This was the starting point of the climb which, by the end of last week, had led to over 67%. This shows that in the last few hours there has been a recovery on the part of the altcoins.

Amongst the altcoins, Ethereum returns above 12.5% market share in these hours, a level that has not been recorded since mid-September. Ripple made the news by reaching almost 3.8%, the highest level it has not recorded since April this year. 

Trading volumes

Trading volumes were also strong with $375 billion traded on exchanges in the last 24 hours, an increase of 25% yesterday. These are the highest peaks in recent years, second only to last week’s peaks of $450 billion, although in the last 72 hours there have been increases from day to day. 

Levels higher than the current ones are the $780 billion recorded in January 2018

Ripple recorded volumes of trading with a countervalue of $8 billion: higher than Bitcoin.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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