Bitcoin market has for the first time in two months gone above 50% of the total market capitalisation relative to the rest of the cryptocurrencies.
The Bitcoin dominance index of CoinMarketCap has climbed as high as 51.26% on Friday according to the CoinMarket site. The last time the market touched this figure was on May 27. The market in March had the dominance index above 80%, but it started declining as the prices of the other cryptocurrency market went up, falling below 40% in June. The index was at 51% on Friday.
The sudden shift index in the market was caused by the rise in the price of the Bitcoin and decline in the value of the other major cryptocurrencies of the world including Ether and XRP.
The price of Bitcoin saw a 3% increase since the day’s opening on Friday, trading at about $2,791 after the market had hit a high of $2,833.24, as per the CoinDesk Bitcoin Price Index (BPI). Ether prices, on the other hand, have seen a decline by 5%, trading at around $194.