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On Thursday, Bitcoin's share of the cryptocurrency market reached a maximum of 11 weeks, showing market data.
The CoinMarketCap data reveal that the bitcoin dominance rate reached 55.38% on December 6, which is the highest level recorded since September 20. At the time of printing, this figure is around 55.1%.
The dominance rate is a metric used to measure the percentage market share of a particular activity in the cryptocurrency market. What the development suggests is that traders could move funds from alternative cryptocurrencies into the world's largest currency by market capitalization – or at least, the bitcoin demand is surpassing other networks.
Bitcoin has always maintained the largest share of the cryptocurrency market, even when its dominance rate has reached a historic low of 32% on January 13 of this year.
At the time, the alternative market of cryptocurrency (or cryptographic market with the exclusion of bitcoin) had seen its total capitalization increased by almost 24,000 percent in the previous year, which consumed a considerable amount of bitcoin's overall market share.
Since then, the alternative cryptocurrency market has depreciated by over 90% in terms of total capitalization from its historical high of $ 550 billion.
The price of Bitcoin has struggled to maintain its value, even the shelter has fallen more than 80% from its historical record recorded in December 2017. Yet it is sup to clearly the preferred cryptocurrency even in a risky market, where the risk of mitigation is a top priority, an affirmation supported by its growing rate of dominance.
Revelation: The author holds BTC, AST, REQ, OMG, FUEL, 1 ° is AMP at the time of writing.
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