The dominance of the largest cryptocurrency at the beginning of the new week rose to the highest level in the last 18 months. At the time of this review, the Bitcoin dominance index (BTC) was 61.5%.
The main reason for the strengthening of BTC was the weakening of investor interest in altcoins . The bullish BTC run was replaced by a negative correction, as a result, the coin fell below $ 11,000.
But the biggest losses on Monday, July 1, still suffered the altcoins. For example, the broadcast fell to $ 294, although only recently it reached $ 352.
Over the past two months, the dominance of BTC has grown by about 10%. This figure has steadily added since January last year. Compared to the BTC domination index in the winter of 2018, today's figure has almost doubled.
At the end of 2017, the broadcast (ETH) tried to compete with Bitcoin, but could not withstand the pressure and suffered much greater losses than the largest coin. Today, the share of ETH in the cryptocurrency market is only 10%. The position of Bitcoin, by contrast, is significantly strengthened.
Since the beginning of this year, the BTC rate has risen by 300%, investors traditionally bet on Bitcoin during periods of correction. Note that the so-called “Altseason” periodically occurs, which leads to a short-term increase in the dominance index of other digital assets , but at least half of the market from the middle of last year always remains under the control of BTC.
$ BTC #BitcoinDominance is the inverse graph of ETHBTC. 69.91% domin 2017 season season season season season back back back back back 2017. relief #alts #hodlers pic.twitter.com/hAc1Bk7xtF
– narwhal_crypto (@NarwhalCrypto) June 29, 2019
Publication date 07/02/2019
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