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Bitcoin Dominance Rate Hits 50% For First Time in 2018
Bitcoin (BTC) now makes up 50 percent of the entire cryptocurrency market capitalization.
By Sam Ouimet
Updated Sep 13, 2021, 8:16 a.m. Published Aug 11, 2018, 4:02 a.m.
now makes up 50 percent of the entire cryptocurrency market capitalization.
Shortly past 03:00 UTC on August 11, CoinMarketCap's bitcoin dominance rate – an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency – reached 50 percent for the first time since December 19th, 2017.
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At press time, bitcoin's market capitalization now records $105,785,552,545, which is about $901 million more than the market capitalization of every other cryptocurrency combined.
The above chart shows bitcoin's dominance rate has been on a steady incline over the past few months, currently representing a 14 percent increase from May 1st. In the same time period the market dominance of all other cryptocurrencies have largely been on the decline.
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Conditions were much different the last time bitcoin's market dominance was above 50 percent.
On Dec. 19th, the average price of BTC was $17,605.81 across exchanges - an 65 percent higher price than the cryptocurrency's value today, according to the CoinDesk Bitcoin Price Index.
Image via Shutterstock
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- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
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