Bitcoin Market Hits Above 50% Mark First Side Since May

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.

Recent Posts

Bitcoin is not a good option for criminals, says former CIA Director in a new report

Bitcoin is not really being used in money laundering operations. And considering the fact every transaction is recorded on the…

4 hours ago

“caged bull” Bitcoin breaks into a new all-time high of almost $63,000

Just a day after Bloomberg analyst Mike McGlone called Bitcoin a “caged bull, well rested to escape”, the latter seemed…

7 hours ago

Ripple files motions to dismiss lawsuit as XRP blasts to new three-year high

Just before the weekend, Judge Sarah Netburn ruled that Ripple executives Brad Garlinghouse and Chris Larsen’s did not have to…

7 hours ago

Cardano, more than a hedge against Ethereum?

In a new video on the popular YouTube channel ‘Coin Bureau’, host Guy shares his thoughts on Cardano and the…

9 hours ago

Revolut brings eleven new Crypto assets to its platform

On Thursday, London-based digital payments firm Revolut announced that it had just added eleven new crypto assets to its banking…

23 hours ago

Ripple’s XRP is skyrocketing as the team celebrates three wins in a row in its SEC lawsuit

This Friday, U.S. Judge Sarah Netburn granted Ripple’s motion to keep its CEO’s financial records private after the Securities and Exchange Commission…

2 days ago