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Bitcoin Dominance Index Reaches Record Point

Published: 11/09/2018
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What is it for?

While the whole crypto market continues to stagnate, the bitcoin dominance index, which determines the degree of its popularity among users, has reached the maximum for the current year getting to 56.3%, according to the CoinMarketCap statistics.

 

The first cryptocurrency in the history remains the most popular, surpassing all altcoins, which demonstrate problems with liquidity and volatility, despite the fact that all of them were developed afterward. The bitcoin market capitalization is about $109 billion, which is almost six times more than the Ethereum's capitalization ($19.4 billion) and 10 times more than the Bitcoin Cash's market value ($8 billion).

 

Source: CoinMarketCap

 

In times of recession, cryptocurrency investors try to avoid risks and to invest in bitcoin or other cryptocurrencies with high liquidity, ignoring smaller coins. Currencies with low liquidity are not included in the 20 main crypto assets at CoinMarketCap and occupy 18.86% of the market.

 

It is noteworthy that the first ten positions on the CoinMarketCap list show losses in the range from -0.64% (BTC) to -4.85% (BCH). At the same time, Tether (USDT), backed by the US dollar, shows an enviable upward trend and added 0.07% over the past day while its capitalization remains high.

 

As previously reported, miners produced a record block of 2.259 MB in the main bitcoin network, which included only 250 transactions, as the usual amount is about thousand times bigger.

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  1. henrypatel:
    09/12/18 at 07:34

    It's only natural that the first Crypto Currency will stay the most popular.
    The Idea of blockchain is implemented in BTC. It's like android from google vs any custom android firmware.