A Good First Quarter for Bitcoin – Market Dominance Up by 10%
Bitcoin’s share of the cryptocurrency market has grown over the past quarter
Bitcoin’s Market Dominance Is Up by 10%
It has been a good year so far for Bitcoin (BTC). The king of cryptocurrencies, which has shed some points on price basis since the beginning of the year, has grown in market dominance despite this. Bitcoin’s share of the cryptocurrency market has actually grown over the past quarter by a good 10%. From a 36% share in aggregate cryptocurrency market capitalization at the beginning of the year, Bitcoin now dominates 46% of the market.
The rising adoption of cryptocurrencies, especially Bitcoin, as a medium of exchange in transactions and economies, has served as a key contributor in this regard. And while regulatory crackdowns and bye-laws do add to market uncertainty at first when announced, they eventually serve to instil and boost market confidence.
While news such as Intel planning to create Bitcoin mining hardware, Twitter CEO seeing Bitcoin as becoming the world’s single currency, and the Norway & Bitfury Partnership in progress, have served as recent tailwinds, the rise in Bitcoin’s (BTC) popularity (contributing to dominance) over the last quarter can also be attributed to technological advancements and fixes such as Bitcoin Lightening network and its testing. In fact, Tom Lee, Fundstrat Global Advisors’s Managing Partner and Head of Research, and his team believe that Bitcoin will reach a price of $91,000 over the next two years!
Technical Signals Indicate a Bearish Mood
On the technical side, trading at over $7,100 currently (April 2, 8:40 AM UTC), Bitcoin’s price continues to trend lower for now. Market factors such as Facebook, Google and now Twitter’s ban on ICO ads have been adding to overall cryptocurrency market FUD (fear, uncertainty, and doubt) recently, pulling the price of Bitcoin down with it.
However, Bitcoin’s popularity among cryptocurrency investors has continued to strengthen, as indicated by the rise in its market dominance over the last 3 months; an overall good quarter for Bitcoin in 2018.
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