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Bitcoin now dominates 54% of the total capitalization of cryptocurrency, reaching a level Tuesday not seen since its historic highs in December 2017.
Analysts dream of rebirth of Altcoin
According to data from Coinmarketcap, Bitcoin 0 0 now has a market capitalization of $ 105 billion. On 11 August it was the last date on which the capitalization of Bitcoin was worth more than all the other cryptocurrencies put together.
For some time a metric challenged to measure the success of Bitcoin, the increasing dominance of the market comes while bitcoin prices continue to fall down from the last July highs around $ 8450. [19659008] Since the price is started on July 17th, the BTC / USD closed the circle on Tuesday, dropping below $ 6,000 for the first time since the end of June.
The status quo, the market commentators predicted this week, could not continue for long. Recalling the activities of December, when the clochards abruptly followed Bitcoin to create its own expansion market, traders seemed sure that such conditions could be repeated.
Others have seen the performance of Bitcoin underestimated.
"By removing all the major ICOs / forks that have popped up in the last 12 months, the apparent Dominance would have been around 70% and the market capitalization at $ 150 [billion] already," said the trader of Twitter known as Anondran Tuesday.
Square debuts with full support Bitcoin of the United States
Speaking of a brighter future for Bitcoin has also included the mining giant Bitmain IPO and the digital asset platform regulated Baktable, owner of the New York Stock Exchange, which will debut in November .
As rumors swirl the liquidity problems at Bitmain, analysts said this week that the company will try to ensure that the strongest cryptocurrency markets enter its IPO, which could occur as soon as the fourth quarter.
In the meantime, Bakkt would particularly attract significant institutional activities in Bitcoin.
In the consumer sphere, the payment network Square has finally implemented the functionality of buying and selling Bitcoin for users in all US states confirming that had overcome legislative obstacles.
The company reported revenues of $ 37 billion from its integration with Bitcoin in the second quarter.
What do you think of the prospects for Bitcoin market capitalization? Let us know in the comments below!
Images courtesy of Shutterstock, coinmarketcap.com
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