Friday, 23 August, 2019

Bitcoin Dominance Surges Past 50% for the First Time Since Mid-December

Bitcoin Dominance Surges Past 50% for the First Time Since Mid-December Bitcoin Dominance Surges Past 50% for the First Time Since Mid-December
Russell Knight | 16 August, 2018, 13:43

The market is reeling under a heavy selling pressure as over $25 billion have been wiped off the market in the last 24-hours.

Bitcoin fell from around $17,000 at the start of the year and lost 6pc of its value over 24 hours. However, it remains a trigger away from taking an upward momentum or a further slide below, especially given bitcoin has finally captured over 50% dominance of the market.

Bitcoins dominance comes as no surprise as it remains the most notable cryptocurrency in the world, even the person with the faintest idea of cryptos recognizes that bitcoin is the mother of them all. Altcoins have experienced a torrid time over the past three months, which has allowed Bitcoin dominance to rise from 36% to 50% as it stand today. First, it seems as though investors are more quick to pull out of other cryptocurrencies as compared to Bitcoin, possibly seeing the market leader as the most stable project in the industry. The last time that Bitcoin was at such a dominating position in the markets was on the 19th of December, 2017.

This represented BTC's high point where the price almost reached the $20,000 mark.

Ether has tumbled 39 per cent this month, while Bitcoin has dropped about 22 per cent. The next day, the Bitcoin dominance dropped to 47.2%, with BTC price also dropping.

Parents and son, 7, killed in Genoa bridge collapse
The mother of two said the bridge started shaking violently, then the giant A-frame tower in front of her collapsed "like flour". Construction expert Antonio Brencich of the University of Genoa had previously called the bridge "a failure of engineering".

US Condemns Turkey's New 'Regrettable' Tariffs
China isn't the only country the U.S. has a rocky relationship with - Turkey is causing a few headaches for USA leaders as well. Sudanese Foreign Minister Al-Dirdiri Mohamed Ahmed also praised the relations between the two countries.

Trump called Nepal 'nipple' during briefing with Modi
Trump didn't realize he was putting his foot in his mouth when he praised the Chinese president when meeting with Japan's Prime Minister Shinzo Abe.

The Turkish crisis has dampened risk appetite in recent sessions, spurring a sell-off in emerging market currencies and stocks and prompting inflows to safe-haven assets such as the dollar and U.S. Treasuries.

However, market analysts and experts such as Tom Lee, Mike Novogratz, and Peter Smith believe that the increase in Bitcoin dominance means that the market is getting ready for a turnaround.

Early this month, the SEC delayed a decision on a proposed bitcoin ETF submitted by money management firm VanEck and crypto startup SolidX.

A lot of traders and investors are staying away from altcoins due to the short-term unpredictability of the cryptocurrency market which has led to the massive drop in altcoin prices.

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