Forex and Crypto News

Bitcoin dominance index drops to 64.1%

16:47 13 April /2020

Over the past two weeks, the dominance of Bitcoin has declined to 64.1%. Some analysts believe that we are on the eve of the so-called "altcoinseason".

Recall that at the end of 2017, the Bitcoin dominance index was no more than 32.8%. The dominance of the largest altcoin Ethereum(ETH) and XRP then reached 18.7% and 10.2%, respectively.

share of coins.png

Since January 2018, the share of the first cryptocurrency began to increase, last September this figure reached 70%.

The decline that we have been observing since February 2020 was the result of the strengthening of not only of Ethereum, but also of tokens such as Tezos and Chainlink. The dominance of ETH, for example, at the end of February, exceeded 10%, and the share of Tezos approached 1%.

In March, after the collapse of the cryptocurrency market, the dominance of Bitcoin turned out to be higher than 65%, as investors preferred to buy the first cryptocurrency as a more reliable asset compared to altcoins. Then, the share of BTC again began to decline.

 

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