Bitcoin has also increased its dominance in the cryptocurrency market significantly so far this year.
On April 6, the Norwegian investor news outlet Hegnar wrote, based on technical analysis, that Bitcoin could fall in the range of 5,500 – 6,000 dollars. Then new weaknesses were triggered in the charts.
Bitcoin hit its bottom at $ 5,843 on 29 June. By that time it had fallen 70.9 percent from a peak of 20,089 dollars on December 17, 2017.
Down 71 percent – up 32
At the top, all circulating Bitcoins in the world had a total value of $ 41 billion, corresponding to the total market value of all companies on the Oslo Stock Exchange.
At the bottom, the value was reduced to $ 100 billion. Now Bitcoin is back to $ 7,691 with a total market cap of almost $ 132 billion.
Equally interesting is the fact that Bitcoin increases in real terms more than the others, and this has been the rule through most of 2018.
In January, Bitcoin had a dominance (the share of the total value of all cryptocurrencies) in the cryptocurrency market of 32.4 percent. Since has the dominance of Bitcoins, despite continuing to fall until the end of June, steadily increased. Now it’s up to 45.9 percent, which is an increase of 41.7 percent.
It also means that the others, among the 1,656 cryptocurrencies listed on coinmarketcap.com, have become less dominant and have fallen from 24.3 to 21.4 percent.
Top 10 losing shares
At the same time as the dominance of Bitcoins has increased, the dominance of the other major cryptocurrencies has also been reduced.
Ethereum’s dominance has fallen from 18.2 to 16.3 percent.
Ripples’ share has fallen from 10.4 to 6.2 percent.
Bitcoin cash’s share has fallen from 6.2 to 4.9 percent.
Litecoin’s share has fallen from 1.8 to 1.7 percent.
IOTA’s share has fallen from 1.5 to 0.95 percent.