Cryptocurrency
Bitcoin’s Total Share of Crypto Market Now Highest Since March 2017
As reported by CoinDesk, “Bitcoin (BTC) is flashing green at press time, while its share of the cryptocurrency market has reached at 30-month highs above 70 percent. “As of writing, the cryptocurrency is trading at $10,350 on Bitstamp – up 6 percent on a 24-hour basis – after hitting an eight-day high of $10,506 earlier […]
As reported by CoinDesk, “Bitcoin (BTC) is flashing green at press time, while its share of the cryptocurrency market has reached at 30-month highs above 70 percent.
“As of writing, the cryptocurrency is trading at $10,350 on Bitstamp – up 6 percent on a 24-hour basis – after hitting an eight-day high of $10,506 earlier today. At that level, BTC was up 12.7 percent from the one-month low of $9,320 hit on Aug. 29…
“…The gains seen in the last four days look sustainable and could be extended further, as BTC’s dominance rate – the cryptocurrency’s share of the total crypto market – has jumped to 70.10 percent, the highest level since March 2017, according to CoinMarketCap.
“The gauge stood at 69 percent on Aug. 29, when BTC’s price slipped to one-month lows below $9,400.
“Many observers consider price gains sustainable if they are backed by a rise in the dominance rate, as discussed last month. The shift indicates money is being poured into BTC for the long haul and not to fund purchases of alternative cryptocurrencies.”
Continue to read the full story at CoinDesk.
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