{"id":155371,"date":"2018-07-23T07:00:33","date_gmt":"2018-07-23T11:00:33","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/bitcoin-dominance-hits-record-high-for-2018\/155371"},"modified":"2021-08-05T19:41:58","modified_gmt":"2021-08-05T23:41:58","slug":"bitcoin-dominance-hits-record-high-for-2018","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-dominance-hits-record-high-for-2018","title":{"rendered":"Bitcoin Dominance Hits Record High for 2018"},"content":{"rendered":"
\"Bitcoin<\/div>\n

An index measuring Bitcoin dominance is now over 45.7 percent \u2014 its highest since December 2017 when the price of BTC reached its all-time record high.\u00a0<\/span><\/strong><\/p>\n

\n

Bitcoin Dominance Up 10% in 2018<\/h3>\n

Bitcoin dominance measures Bitcoin\u2019s percentage of the total cryptocurrency market share by market capitalization. The controversial index has been trending upward for most of the year and is up over 10 percent since January 2018.<\/span><\/p>\n

Bitcoin dominance has surged over the past two weeks, in particular. With the current bullish uptick in BTC price 0<\/span>0<\/span><\/span>, most\u00a0altcoins have been left in the dust<\/span><\/a>.<\/span><\/p>\n

\"\"<\/p>\n

Bitcoin has proved to be one of the most stable digital assets amid a massive 70 percent market-wide correction with many altcoins still struggling despite Bitcoin now showing signs of recovery.<\/p>\n

Namely,\u00a0XRP 0<\/span>0<\/span><\/span> and Ethereum 0<\/span>0<\/span><\/span> are responsible for most of the altcoin bleeding. Ripple\u2019s market share has dropped from an all-time high of 18.5 percent in January to 6.2 today. Meanwhile, Ethereum currently holds 16.33 percent of the market \u2014 or just half of its all-time high mark of 33 percent set in June of last year.<\/p>\n

Bitcoin: De Facto Store of Value<\/h3>\n

Bitcoin remains dominant because it\u2019s the de facto store of value in the cryptocurrency market.<\/p>\n

Yes, it is the oldest blockchain with first mover advantage and impressive 99.99 percent uptime<\/a>\u00a0\u2014 but it\u2019s also the most battle-tested and most immutable (with the\u00a0highest hash rate<\/a>) blockchain with the biggest network effect. Hence, it is no surprise that it inspires the most confidence among cryptocurrency investors.<\/p>\n

\n

Bitcoin Dominance now above 45%
\nLarge alts underperforming in anticipation of a Bitcoin ETF? https:\/\/t.co\/yLJGIhaOWs<\/a><\/p>\n

\u2014 Alistair Milne (@alistairmilne) July 20, 2018<\/a><\/p><\/blockquote>\n

Meanwhile, others like UK entrepreneur and Bitcoin investor Alistair Milne\u00a0attribute<\/a>\u00a0Bitcoin\u2019s rising dominance to the Bitcoin ETF<\/a> decision expected next month. Therefore, traders may already be betting on a positive decision\u00a0as the fund would open the floodgates for traditional finance to get into cryptocurrency.<\/p>\n

\u2018Irrelevant\u2019 Metric<\/h3>\n

Admittedly, the Bitcoin dominance index is not very reliable. It is a purely quantitative metric and one that doesn\u2019t accurately depict a market that is obsessed with novelty.<\/p>\n

\u201cStop using Bitcoin dominance as an indicator. As soon as people started with premines\/tokens and (BTC) airdrops it became irrelevant,\u201d writes<\/a> Twitter personality WhalePanda. \u201cI can create a WP-token, create $1 trillion, sell 1 token for $1 on an exchange and I\u2019m a trillionaire with WP being the dominant coin.\u201d<\/p>\n

\"\"<\/p>\n

WhalePanda does have a point. Literally, anyone can now create their own cryptocurrency to further dilute Bitcoin\u2019s overall market share.\u00a0In fact, 2018 will likely be a record year with thousands of new cryptocurrencies\u00a0expected to launch<\/a>.<\/p>\n

Nonetheless, Bitcoin dominance has been climbing this year despite an ever-increasing number of \u2018cryptos\u2019 entering the fray.\u00a0\u201cLiquidity and value being sucked out of altcoins and into BTC,\u201d writes<\/a>\u00a0another Twitter commentator P.Miller. He notes:<\/p>\n

Despite there being dozens more altcoins launched, the \u2018bitcoin dominance\u2019 has increased from 32% to 45%. This shows significant strength of Bitcoin as THE store of value in ecosystem.<\/p><\/blockquote>\n

Will Bitcoin dominance continue to creep up this year? Share your thoughts below!\u00a0<\/strong><\/em><\/p>\n

\n

Images courtesy of Shutterstock, Coinmarketcap.com, Twitter.<\/em><\/p>\n

The post Bitcoin Dominance Hits Record High for 2018<\/a> appeared first on Bitcoinist.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

An index measuring Bitcoin dominance is now over 45.7 percent \u2014 its highest since December 2017 when the price of BTC reached its all-time record […]<\/a><\/div>","protected":false},"author":212,"featured_media":155376,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-155371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Dominance Hits Record High for 2018 - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"An index measuring Bitcoin dominance is now over 45.7% \u2014 its highest since December when the price of BTC reached its all-time record high.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/155371\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Dominance Hits Record High for 2018\" \/>\n<meta property=\"og:description\" content=\"An index measuring Bitcoin dominance is now over 45.7% \u2014 its highest since December when the price of BTC reached its all-time record high.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-23T11:00:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-05T23:41:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/07\/shutterstock_603932825-640x400-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allen Scott\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Allen Scott\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/155371#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/155371\"},\"author\":{\"name\":\"Allen Scott\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a3320c57be9fdba4f6d29d80bb95b627\"},\"headline\":\"Bitcoin Dominance Hits Record High for 2018\",\"datePublished\":\"2018-07-23T11:00:33+00:00\",\"dateModified\":\"2021-08-05T23:41:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/155371\"},\"wordCount\":528,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/155371#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/07\/shutterstock_603932825-640x400-1.jpg\",\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/155371\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/155371\",\"name\":\"Bitcoin Dominance Hits Record High for 2018 - 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