Bitcoin now represents almost 70 percent of the entire crypto market. Its dominance rate currently sits at 69.6%, which is the highest it has been since way back in March 2017. Altcoins continue to get crushed, especially when trading against Bitcoin.
Bitcoin Is King
The cryptocurrency market has gone through many different cycles in its relatively brief existence. At some moments, it was even well-balanced. For instance, back in January 2018, Bitcoin represented only 33% of the total market, with the rest distributed among a variety of altcoins.
That’s far from the case right now, as the BTC dominance rate touched 70% today for the first time in 26 months. The latest surge in Bitcoin’s price left altcoins hanging out to dry once again, as it managed to claim another 3% of the total market. With a current market dominance of around 69.6%, Bitcoin has established itself as the prevalent and definitively predominant cryptocurrency.
At the time of this writing, Bitcoin is trading at around $11,819. As CryptoPotato reported, the cryptocurrency has been trading in this range for the past four days, testing the resistance area around $12,000. However, it’s also forming a triangle on the 4-hour chart which is likely to be breached, hence ending the short-term consolidation period. Given that the weekend is coming, this could be another sign that there is a sharp move ahead.
Altcoins Continue to Bleed
While Bitcoin managed to gain upwards of $1,200 in the past 7 days, altcoins have been suffering significantly.
Looking at the daily charts, we can see that all the major top 10 cryptocurrencies besides Bitcoin are actually in the red. Against BTC, Ethereum, XRP, Bitcoin Cash, Litecoin, and even Binance Coin are down 5.6%, 3%, 4.65%, 3.77%, and 1.3% respectively.
But the struggles don’t end there. The situation is pretty much the same when looking at the way altcoins have performed against the US dollar. While most of them…