Aug 22, 2019 Forex News
In the cryptocurrency market, the actual dominance of Bitcoin may exceed 90%, according to a study by Arcane.
According to CoinMarketCap, at the moment, the BTC dominance index is slightly less than 70%, but Arcane analysts have a different point of view.
In the course of studying the dynamics of changes in the liquidity of the cryptocurrency market, it has recently been established that Bitcoin provides its lion's share on trading floors. In fact, the share of transactions with the largest cryptocurrency exceeds 90%, which is 20% more than the average market indicator.
The study did not take into account the liquidity of stablecoins secured by fiat currencies. Arcane has studied the liquidity of only real cryptocurrencies, the report says.
According to experts, the growing dominance of BTC signals a more active development of the blockchain infrastructure, necessary for processing Bitcoin transactions. No other cryptocurrency is able to dominate with Bitcoin, which is increasingly strengthening its position and becoming the leading financial instrument in the cryptosphere.
Note that the dominance of Ethereum decreased to 8%, and as the coin rate falls, this indicator will also decline.
Despite the short-term effect of rumors that Amazon was going to accept Bitcoin this year and the subsequent pullback, the BTC/USD pair was able to find support in the area of $36500 and start a new rally. As a result, today the BTC/USD pair was able to rise
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