Cryptocurrency
As The Bitcoin Price Soars, Bitcoin’s ‘Real’ Crypto Market Dominance Is Revealed
Forbes reports, “Bitcoin has soared this week, rocketing above $11,000 for the first time since August last year and adding around 20% in just a few days. “Some smaller cryptocurrencies have made massive gains in recent months as bitcoin treaded water, eating into bitcoin’s dominance—a measure of bitcoin’s value compared to the wider cryptocurrency market. “However, some […]
Forbes reports, “Bitcoin has soared this week, rocketing above $11,000 for the first time since August last year and adding around 20% in just a few days.
“Some smaller cryptocurrencies have made massive gains in recent months as bitcoin treaded water, eating into bitcoin’s dominance—a measure of bitcoin’s value compared to the wider cryptocurrency market.
“However, some have suggested bitcoin’s dominance should only be measured against other cryptocurrencies that are ‘attempting to be money,’ putting bitcoin’s ‘real’ dominance at almost 80%, up from just over 60% by other measures.
“According to the new measure of bitcoin dominance, bitcoin currently makes up 79% of the cryptocurrency market—up from the 62% bitcoin market share calculated by the oft-cited crypto data website CoinMarketCap, which takes into account hundreds of cryptocurrencies that are all created and issued in different ways.
“The Real Bitcoin Dominance Index, created by Buy Bitcoin Worldwide founder Jordan Tuwiner, calculates bitcoin’s market share among cryptocurrencies that are created, or ‘mined,’ in a similar way to bitcoin…”