Bitcoin supremacy over the cryptocurrency market has crossed the 50% obstacle, according to the data from Coinmarketcap. This is the first time it has taken place in 2018 (formerly, Bitcoin supremacy mored than 50% on December 19th, 2017).
On August 11, CoinMarketCap’s bitcoin supremacy price– an indicator that tracks the percent of the complete cryptocurrency market capitalization contributed by the leading cryptocurrency, showed that over 50% of the overall market cap is made up of Bitcoin. All the various other altcoins constitute for the remaining 50%.
Out of the total market cap of $215.125 billion, Bitcoin holds $112.076 billion, while all the altcoins combined comprise for $106.049 billion.
As seen from the 3 months chart of the cryptocurrency prominence, it is plainly seen that Bitcoin’s prominence has been increasing continuously and constantly. Since May 15th, it has actually raised by near 14%, which is commendable, thinking about the ongoing bearish trends.
Nonetheless, during the past 7 days, Bitcoin price has broken numerous essential assistance barriers to decrease in price by over $650. This has caused significant fluctuations in the trading volumes, pressing it down to as low as $3.69 billion and as high as $5.6 billion. Despite the variations in worth, the Bitcoin supremacy price seems to hold stable presently.