Mighty Bitcoin establishing its dominance both with alt-coins and investors
In Bitcoin (BTC) we trust, is what this crypto needs to have imprinted on it.
It’s been demonized, chastised and over analyzed in its up and down journey, but it is still resilient as ever.
At least for now, it’s here to stay and making quite a statement as the reigning champion of digital currency, and a major contender to fiat money.
King of cryptos
Bitcoin’s share of the cryptocurrency market hit a 2.5-month high in the last 24 hours, a sign that investors are likely switching their money from alternatives into the industry’s most widely traded asset, according to Coindesk, an industry site.
CoinMarketCap tracked the gauge as it rose to 42.74% earlier on Wednesday, the highest level since April 14, 2018.
The Dominance Index is an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by Bitcoin and a greater index means it beats demand for other innovations.
These are telltale signs of a rebound, a bull run, and a route for fiat money to enter the cryptocurrency market.
“BTC’s dominance rate rose from 38% to 66.5% in the six months to December 2017, a time in which the cryptocurrency rallied from $1,760 to $20,000,” said Coindesk.
Dominant, that is, despite BTC crashing from $9,990 to $6000.
Falling but not from grace
Cryptos have had a bad time of late.
Express.co, a UK business site, said BTC has also faced continued regulation speculation and trader tensions rising.
“The market was rocked today as news emerges more than $20 million in Bitcoin was seized from illegal vendors on the Darknet by the US Department of Justice (DoJ),” said the UK daily.
“Agents claim to have seized cryptocurrency mining devices, weapons, narcotics, $3.6 million in US currency and more than 2,000 bitcoins worth more than $20 million.”
Comments from Alibaba’s chairman Jack Ma that BTC is likely a bubble didn’t help either.
In the past 24 hours, the crypto market lost over $7 billion amidst a minor correction.
The volume of BTC has actually decreased from $4.5 billion to $3.5 billion.
For the love of Bitcoin
Research company Ipsos conducted a study on how cryptocurrencies are perceived across Europe, Australia and the US, which reveals that interest in the technology is expected to double in the future, according to the Coin Telegraph, an industry site.
While only 9% of respondents own crypto, 25% said they will own some in the future, 18% of crypto ownership is reported in Turkey, while the lowest, 4%, is in Luxembourg.
According to the study, 66% of Europeans have heard of cryptocurrency, of which 77% are men and 55% are women.
Some 35% agreed that crypto is the “future of spending online,” while 35% said it will increase in value in the following 12 months.
The latest study, which was carried out between March 26 and April 6, 2018, compared 15 countries, with about 1,000 respondents surveyed in each.