Bitcoin’s dominance increasing day by day.
And it’s BAD news.
The cryptocurrency market has taken an enormous hit, day before yesterday, for the first time since November 17’, its market capitalization stood below 200$ billion. Though it’s a normal phenomenon of a market so volatile, the bitcoin’s increasing dominance doesn’t fit anywhere. As a matter of fact, bitcoin’s dominance has been increasing since the total market capitalization is on a decline.
Bitcoin was the first to be trusted, and for once it seems it will be the last. The market dominance of bitcoin fell to 32.46% as the highest ever market capitalization was achieved, it all started with bitcoin, after all, at peak of its popularity, it reached a staggering 96.40%. We can easily conclude that bitcoin’s dominance and total crypto market capitalization are inversely proportional. The truth is people who have no idea about blockchain or simple investment trusts upon bitcoin because they think it’s the cash cow to invest in whenever they hear about cryptocurrencies.
So we can kind of say,
Total crypto market capitalization ∝ 1/Bitcoin’s dominance
We simply can’t ignore the whales in the market, some say these whales hold their most share in Bitcoin, some believe they are quite dispersed and hold their share in quite a few currencies. We believe the whales enter and leave the market in a day’s bracket, making the most profit one can imagine. We run a daily guide on our website and usually, a day’s profit is around 20% if odds are in favor of the market, after all, it’s more about the whole market than a single coin/token. We suggest you trade daily, but, if you want to invest for a long term, this may certainly be the right time. The market capitalization is expected to take a boom from here, bitcoin’s dominance suggests.